CRIF has announced that, after having been awarded (Dec 30, 2016) the international tender issued by the Autoriti Monetari Brunei Darussalam (AMBD), the project is about to be concluded. The AMBD – a statutory body acting as the central bank of Brunei Darussalam – is already using the new credit bureau system in Brunei.
The establishment of the Autoriti Monetari Brunei Darussalam (AMBD) underscores the commitment of the Government of His Majesty the Sultan and Yang Di-Pertuan of Brunei Darussalam to achieve and maintain a sound and dynamic financial system by continuously implementing appropriate measures, and promoting reforms to support national economic development objectives. Marking another important milestone in the development of the financial sector, the AMBD selected CRIF as its strategic partner to develop a world-class credit bureau in Brunei. In light of its international track record in managing similar projects in other Southeast Asian countries, such as Vietnam, Indonesia, and the Philippines, as well as on a worldwide level, CRIF will not only provide a state-of-the-art data sharing platform for credit information, but also added-value risk management services, such as fast-start credit bureau scoring models, predictive analytical tools, portfolio alerting systems and consulting activities.
In compliance with the local legal framework, the credit bureau platform system developed by CRIF will gather positive (on-time loan repayments) and negative (defaults and late payments) credit information on individuals and businesses from eligible Bruneian lenders. Specifically, lenders will be able to make faster and more accurate decisions based on detailed borrower credit profiles to assess creditworthiness and better understand payment patterns. The availability of a full and updated credit history will also reward diligent borrowers, and facilitates access to credit for consumers and businesses, allowing them to obtain more favorable loan conditions and prevent the risk of over-indebtedness.