Credit Bureau Singapore & Credit Bureau Cambodia Launch First Cross-border Initiative Between The Two Countries
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B2B Cambodia
on
Credit Bureau (Cambodia) Co., Ltd. (CBC) has joined forces with Credit Bureau (Singapore) Pte Ltd (CBS), a subsidiary of Credit Bureau Asia Limited (CBA) to launch the first cross-border initiative between credit bureaus of both countries.
The official launch was held at an official signing ceremony on 8th March 2023 at the Parkroyal Collection Marina Bay in Singapore with participation from central banks and credit bureaus from both countries as well as influential leaders in the banking and financial industry.
With increased mobility in the global workforce, cross-border sharing of credit reports has become a more pressing issue in recent years. While an individual can retrieve their credit report directly from the credit bureau in their home country, the legitimacy of the credit report could be unclear, when these individuals transfer the credit data to their employers in the other country.
This initiative makes it possible for members of CBS and CBC such as financial institutions, upon obtaining the individual’s consent, to request for the individual’s credit report(s) where the individual (a) has made an application for a credit facility with that financial institution or (b) has applied for a job with the financial institution which under the Fit and Proper criteria has to perform the necessary employment screenings.
Respectively, with the credit data obtained, financial institutions will be able to make more thorough assessments on an individual’s credit worthiness before extending credit facilities to them and access credit reports for background screening when onboarding hires previously based in Singapore or Cambodia.
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H.E. Dr. Chea Serey, Deputy Governor of the National Bank of Cambodia and Chairwoman of Credit Bureau Cambodia, said, “It is commendable that the National Bank of Cambodia and the Monetary Authority of Singapore thought out of the box with an open-mindset to empower the consumers to take control over their credit file across the borders.
The two credit bureaus have put in incredible efforts to be able to launch this collaboration that can bring significant benefits to a large number of businesses and individuals from both Cambodia and Singapore unlocking opportunities for them. This is a beginning and we hope that we can expand our collaboration with credit bureaus in other ASEAN countries in better realizing a seamless ASEAN.”
After the report has been generated for the respective member for the abovementioned purposes, the individual will also receive a copy of the credit report for his/her own reference In the event where the individual disagrees with the data reflected on their credit report, a Dispute Resolution Process has been put in place to investigate the individual’s dispute and for the data to be amended, if necessary.
Both CBS and CBC will work closely together to ensure that the regulatory frameworks and requirements are complied with, thereby providing a more holistic picture of new-to-country individual’s creditworthiness and close up the gaps that many credit providers and employers face while performing credit checks on individuals who have just newly relocated to the country.
Mr William Lim, Executive Director of CBS, said, “CBS plays an integral role in supporting prudent access to credit in Singapore for the past two decades. We believe that this new initiative will help build a more robust credit management system for both bureaus.
Photo Supplied
H.E. Dr. Chea Serey, Deputy Governor of the National Bank of Cambodia and Chairwoman of Credit Bureau Cambodia, said, “It is commendable that the National Bank of Cambodia and the Monetary Authority of Singapore thought out of the box with an open-mindset to empower the consumers to take control over their credit file across the borders.
The two credit bureaus have put in incredible efforts to be able to launch this collaboration that can bring significant benefits to a large number of businesses and individuals from both Cambodia and Singapore unlocking opportunities for them. This is a beginning and we hope that we can expand our collaboration with credit bureaus in other ASEAN countries in better realizing a seamless ASEAN.”
After the report has been generated for the respective member for the abovementioned purposes, the individual will also receive a copy of the credit report for his/her own reference In the event where the individual disagrees with the data reflected on their credit report, a Dispute Resolution Process has been put in place to investigate the individual’s dispute and for the data to be amended, if necessary.
Both CBS and CBC will work closely together to ensure that the regulatory frameworks and requirements are complied with, thereby providing a more holistic picture of new-to-country individual’s creditworthiness and close up the gaps that many credit providers and employers face while performing credit checks on individuals who have just newly relocated to the country.
Mr William Lim, Executive Director of CBS, said, “CBS plays an integral role in supporting prudent access to credit in Singapore for the past two decades. We believe that this new initiative will help build a more robust credit management system for both bureaus.
This collaboration is a first and positive step for the availability of cross-border flow of data to support ease of access to credit for the nationals and residents of both countries. We hope that this will pave the way for other bilateral collaborations to empower our members’ risk assessment capabilities, when the right regulatory conditions are present.”Mr Sothearoath Oeur, Chief Executive Officer of CBC, said, “This is a major milestone for us to launch cross-border credit reporting in collaboration with Credit Bureau Singapore. We believe that this shall contribute to borrowers as well as lenders in both countries setting an innovative example in the region.” Both Bureaus are optimistic that this initiative will boost industry confidence to work together and set the scene for more partnerships across bureaus internationally, enabling credit providers and/or potential employers to have a more complete view and understanding of an individual’s credit-worthiness. This press release was supplied.