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 recently.
“Once the credit bureau service starts, businessmen or small and medium enterprises, which have proven their accountability, will receive loans easily, quickly and comfortably” according to U Zaw Lin Aung, executive director of Kanbawza Bank and Chairman of the Myanmar Credit Bureau Ltd (MCBL).
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.
MCBL, Asia Credit Bureau Holding Company and Equifax are members of BIIA