Myanmar to start credit bureau service next year

0 Comment(s)Print E-mail Xinhua, December 11, 2018
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YANGON, Dec. 11 (Xinhua) -- Myanmar will start credit bureau service in 2019 in a bid to develop the country's financial sector, the official Global New Light of Myanmar reported Tuesday.

"Once the credit bureau service starts, businessmen or small and medium enterprises, which have proven their accountability, will receive loans easily, quickly and comfortably, U Zaw Lin Aung, executive director of the private giant bank, Kanbawza, and Chairman of the Myanmar Credit Bureau Ltd (MCBL) was quoted as saying.

Local loans will be easily accessible and the service will enable better access to credit, he added.

The Central Bank of Myanmar granted the MCBL in May to operate.

To implement the first loan information department, the MCBL signed agreements with U.S.-based Equifax New Zealand Services and Solutions Ltd for credit bureau software licenses, installation, consultancy and support in Yangon on Monday.

The MCBL was formed with 60 percent funding from member banks of the Myanmar Banks Association, while 40 percent from the Asia Credit Bureau Holding Company from Singapore. Enditem

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