KUALA LUMPUR: Credit Bureau (Singapore) Pte Ltd (CBS) and Experian Information Services (M) Sdn Bhd (Experian Malaysia) have signed a memorandum of understanding (MOU) to develop a two-way cross-border credit reporting service between Singapore and Malaysia.
The MOU establishes a framework for collaboration to facilitate consented cross-border credit report applications for individuals with financial footprints in either country.
In a joint statement, CBS and Experian Malaysia said the initiative is aimed at enhancing financial inclusion, strengthening credit risk assessment and supporting growing economic integration between the two neighbouring markets.
Under the MOU, the two parties will collaborate on the structured and secure exchange of individual credit information between Singapore and Malaysia.
The framework will define the operational roles of participating credit bureaus, mechanisms for obtaining and managing consumer consent, data protection safeguards, and commercial and governance models for implementation.
The initiative is also aligned with the Johor-Singapore Special Economic Zone (JS-SEZ), which places emphasis on digital industries, data-driven enterprises and technology-enabled services.
CBS executive director William Lim said the collaboration reflects the need for credit information systems to keep pace with increasing cross-border mobility and business activity.
“As individuals and businesses operate more seamlessly across Singapore and Malaysia, credit information systems must evolve to reflect cross-border realities. This collaboration represents an important step towards enabling more seamless and responsible access to credit for consumers,” he said.
Experian Malaysia CEO Dawn Lai said trusted data collaboration is essential to strengthening digital financial ecosystems in both countries.
“Trusted data collaboration is key to strengthening digital financial ecosystems. By working together, we aim to enhance financial inclusion, improve risk transparency and support sustainable growth across both markets,” she said.
Meanwhile, CBS board chairman and Oversea-Chinese Banking Corporation group chief credit officer for consumer credit risk management Vincent Yap said access to cross-border credit data could improve risk assessment and reduce fraud risks.
“The access to cross-border credit data can provide a more comprehensive view of an individual applicant’s financial obligations, supporting more accurate risk assessment outcomes, reducing cross-border fraud risk and promoting seamless access to capital across both markets,” he said.
