Wed. Jan 27th, 2021

Regulation HK

Financial Regulator

Myanmar Launches First Credit Bureau Following Soft Launch

1 min read

The bureau is a joint venture between MB Investment, a company formed by Myanmar banks, and a subsidiary of Singapore-listed Credit Bureau Asia.

Myanmar has launched its first credit bureau, known as Myanmar Credit Bureau Limited or MMCB, according to local reports

MMCB will allow lenders to make lending decisions faster and more efficiently, while also promoting responsible lending and more competition to benefit borrowers.

The government approved the establishment of the credit bureau in May 2018, the same month it was issued a licence by the Central Bank of Myanmar.

Since a soft launch in November, MMCB has been gathering borrower information from financial institutions in Myanmar, which is used to produce credit reports.

The bureau is a 60:40 joint venture between MB Investment, a company formed by Myanmar banks, and NSP Asia Investment Holding, a subsidiary of Singapore-listed Credit Bureau Asia.

“MMCB will support financial institutions, consumers and Myanmar’s economic development through its implementation of a modern credit reporting system to promote responsible lending in Myanmar and expand access to financing for individuals and businesses,” Credit Bureau Asia said in a statement.

“In addition to consumer and commercial credit reporting, MMCB offers value-added services such as credit monitoring services to regularly track an individual or company’s credit report for any changes for risk management purposes and to guard against potential fraudulent activity.”

Credit Bureau Asia also operates the sole credit bureau in Cambodia.

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