The five digital banks licensed by the Monetary Authority of Singapore (MAS) are now members of the island state’s credit bureau. This brings the Credit Bureau Singapore’s (CBS) members to 36.
The two full digital banks Grab and Singtel’s GXS Bank and Sea’s MariBank are required inter alia to submit consumer data related to credit reporting to CBS. Trust Bank, a partnership between Standard Chartered and FairPrice Group which has a full bank license, will also be required to do so.
These three digital banks are allowed to retrieve a consumer credit report from CBS before granting any credit to a customer.
“We are pleased to have all the five digital banks on board. DFBs and Trust Bank will enrich CBS’ data repository as they deploy innovative use of technology to reach out to more consumers. With the comprehensive, accurate and up-to-date credit information available from CBS, our members will be able to grow their business and at the same time, monitor on credit risk exposure more effectively,” said William Lim, Executive Director of CBS.