Credit Bureaus of Cambodia and Singapore launch first cross-border initiative

PHNOM PENH, March 12 (Xinhua): Credit Bureau (Cambodia) Co., Ltd. (CBC) has joined forces with Credit Bureau (Singapore) Pte Ltd (CBS) to launch the first cross-border initiative, said a joint statement to the media.

The official launch ceremony was held on Wednesday in Singapore with participation from central banks and credit bureaus from both countries as well as 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, the statement said, adding that this initiative makes it possible for members of the CBS and the CBC to request for the individual's credit reports.

Chea Serey, director-general 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 made 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," she said.

"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," Serey added.

William Lim, CBS executive director, said that the 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," he said. Enditem