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Myanmar Credit Bureau to commence operations in April

Myanmar will start the process of disbursing loans supported with credit assessments from the Myanmar Credit Bureau by April, Daw Than Than Swe, director general of the Financial Institutions Supervision Department under the Central Bank of Myanmar, said in Yangon on February 18.

“The credit bureau will commence operations in late April,” she said.

However, it will still take up to one year to collect sufficient and meaningful credit data on local businesses to be provided to the banks, said U Zaw Lin Aung, chair of Myanmar Credit Bureau.

The credit bureau is the first in Myanmar. Data from the credit bureau will enable banks to make better loan decisions and strengthen risk management. Meanwhile, individuals or businesses with good credit management will be able to receive loans more quickly, he said.

MB Investment, which consists of a consortium of local banks, owns 60 percent of the credit bureau while Singapore’s Asia Credit Bureau Holding Company holds the remaining 40pc.

Asia Credit Bureau Holding Company cooperates with banking organisations and credit bureaus in Singapore, Malaysia, Cambodia and Indonesia.

The Myanmar Credit Bureau signed an agreement with US-based Equifax New Zealand Services and Solutions Ltd for software installation, consultancy and support on December 10, 2018. – Translated

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Source : Myanmar Times

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