Five digital banks join Credit Bureau Singapore
THE five Singapore-licensed digital banks have joined Credit Bureau (Singapore), the credit bureau said in a press release on Wednesday (Dec 7).
The two full digital banks, including Grab’s and Singtel’s joint venture GXS bank and Sea’s wholly-owned subsidiary MariBank Singapore, will be required, inter alia, to submit to CBS consumer data related to credit reporting. Trust Bank, a partnership between Standard Chartered and FairPrice Group, will also be required to do so.
These banks are allowed to retrieve a consumer credit report from CBS before granting any credit to a customer.
The two digital wholesale banks, Ant Group’s subsidiary ANEXT Bank and Green Link Digital Bank, do not have to submit information related to their SME (small and medium-sized enterprise) customers. These digital wholesale banks have to obtain customers’ consent before retrieving credit reports from CBS.
CBS now has 36 members, including the new joiners.
William Lim, CBS’ executive director, said the five digital banks will enrich CBS’ data repository as they use innovative technologies to reach out to more consumers.
GET BT IN YOUR INBOX DAILY
Start and end each day with the latest news stories and analyses delivered straight to your inbox.
The five digital banks are expected to have a material and positive contribution to CBS’ and its parent company Credit Bureau Asia’s : TCU 0% revenue and profitability for the financial year ending 2023, CBS said.
Shares of Credit Bureau Asia ended Wednesday flat at S$0.95.
KEYWORDS IN THIS ARTICLE
BT is now on Telegram!
For daily updates on weekdays and specially selected content for the weekend. Subscribe to t.me/BizTimes
Companies & Markets
Microsoft offers cloud customers AMD alternative to Nvidia AI processors
CEO of fallen Eagle Hospitality Trust looking to contest four criminal charges
Crypto boom, erratic rain spark outages in Laos, Asia’s clean power export hub
Bank of Japan in no rush to sell risky asset holdings
Gold prices set for second weekly gain on Fed rate outlook
China’s first special bond sale likely to see solid demand