The Autoriti Monetari Brunei Darussalam (AMBD) signed two Participant Service Agreements (PSA) with Datastream Digital Sdn Bhd (DST) and Progresif Sdn Bhd (Progresif) recently.
The PSA provides the provision of the submission and usage of customer credit information to and from the credit bureau established by AMBD.
Signing for AMBD was Managing Director Hajah Rokiah binti Haji Badar, while on behalf of DST and Progresif were DST Chief Executive Officer Radin Sufri bin Radin Basiuni and Progresif Chief Executive Officer Nurul Haniah binti Jaáfar.
The newly entered PSA enables the telecommunication service providers to subscribe to the Credit Bureau’s Telco Credit Report, which also contains a credit score, and to submit customers’ credit information. The Telco Credit Report provides information transparency about consumers’ creditworthiness and timely payment behaviour among the telecommunication service providers.
The collaboration will expand the information in the credit report to include non-traditional information. Information that can be considered non-traditional includes utilities such as water bills, electricity, phone bills, or retail lending. These information can be used to complement the existing banking information.
Non-traditional information also provides the financial institutions and telecommunication service providers a holistic view of their customers’ credit worthiness. The companies may use this information to design new financing or telco products more suited to the targetted market and encourage positive financial behaviours among their customers.
The members of the Credit Bureau consist of all the licensed banks, finance companies, and the Islamic Trust Fund in Brunei Darussalam. Other data providers include the Department of Electrical Services, Ministry of Energy; the Housing Development Department, Ministry of Development; Bank Usahawan; and the telecommunication services providers.
For information on the Credit Bureau of AMBD, visit http://www.ambd.gov.