A credit bureau will be operational in the next two years. On November 8, Central Bank started allowing foreign banks and branches to provide wholesale financial services to local corporations the same as local banks do. However, local businessmen pointed out that not having a credit bureau that can provide background information of potential borrowers could delay granting loans. Myanmar Credit Bureau Limited nominated one of Central Banks officials as a member on the board of directors, he added.
Credit bureau development in South Asia (English) | The World Bank
Posted by Joachim Bartels Oct 4, ! Over the past decade, ACB has increased its business footprint to include bureau operations and initiatives in Malaysia, Cambodia, Indonesia and Myanmar. The group has a successful history of not only operating successful credit bureaus but also delivering quality solutions and ongoing first class technical and business support to credit bureaus in Asia and in the MENA area in a cost efficient manner. This includes experience and capability in the implementation of a wide range of value added products. The credit bureaus that the group has implemented have proven to be reliable, robust, scalable solutions collecting positive and negative information and providing multilingual interfaces. In his capacity as Editor-in-Chief he is responsible for the selection of relevant information content concerning industry insights, trends, technological developments, standards and policies impacting BIIA members in particular and the business information industry in general. The BIIA library is approaching 10, news items and best demonstrated practices.
The licence will allow it to provide credit reporting services. Within a year of licensing, the bureau should be in operation. Zayar Nyunt, chief executive officer at Small and Medium Industrial Development Bank, said the bureau would help a great deal in building trust between bankers and businesses. Many SMEs in Myanmar lack capacity, skilled labour, technology and finance. The more people know about the credit bureau, the more they will make good use of that.
The workshop focused on promoting the development of credit information systems in the region. Topics included the legal, regulatory, and information technology needed to support a credit-information sharing bureau and the current and potential sharing of credit information in the region. Presentations and group discussions addressed the efforts in the South Asia region to create the necessary conditions for the development of a bureau and the distinct challenges faced by this region.