PCB (Vietnam Credit Information Joint Stock Company), whose major shareholder and local strategic partner is CRIF, has officially become a member of the Vietnam Banking Association. During an event held in Hanoi on April 20, the Vietnam Banking Association celebrated the admission of new members and signed a cooperation agreement with PCB.
The support and welcome of the members of the Association to PCB affirms the value of the services that the company brought to the credit market in Vietnam.
During his speech at the ceremony, Dao Minh Tuan, PCB Chairman, confirmed that “PCB will constantly strive to contribute to the development of the Vietnam Banking Association and the whole banking sector in general. This cooperation with the Banking Association members will help strengthen customer networking, further improve the quality of credit information and continue to assist our clients with innovative risk and portfolio management services.”
In February 2013, PCB obtained a license, issued by the State Bank of Vietnam (SBV), to establish the first entirely private and voluntary credit bureau in the country with the support of CRIF as its strategic partner. Since then, PCB has grown quickly both in size and operations. The credit bureau has currently 25 members including major banks and credit institutions in Vietnam with a database of around 5 million borrowers, both individuals and SMEs. In addition, other banks, financial companies and micro-finance institutions are at the final stage of joining the credit bureau. On one hand, PCB provides credit information services to Vietnamese credit and lending institutions, on the other hand allows borrowers to require their credit reports and self-check their credit history. After bringing to the market the credit bureau system with the possibility to require credit reports, PCB also developed value-added services. In 2015, new tools such as the portfolio management service and credit bureau score will be launched to assist lending organizations during their client assessment, risk management and business development processes. Thanks to CRIF’s international experience and world-class credit solutions already developed in Europe, PCB has designed a roadmap to launch additional risk and credit management services to further support businesses and consumers, and contribute to the sustainable development of the Vietnam’s retail credit market.
“CRIF has gradually strengthened its local presence to support PCB and to complete the suite of possible solutions to serve the Vietnamese market. An important goal has been already achieved: PCB is the first world-class credit bureau in Vietnam, and CRIF had an increasing role on this thanks to the strategic support and the shareholder participation. Joining the Vietnam Banking Association is an opportunity to gain a wider and more comprehensive view of the local credit market in order to provide qualified support to lenders and borrowers as well as facilitate access to financial services and promote responsible lending,” said Davide Meo, Regional Market Director, Credit Bureau Services at CRIF.
Source: CRIF Press Release