The signing ceremony for the Memorandum of Understanding (MoU) between Autoriti Monetari Brunei Darussalam (AMBD) and Progresif Cellular Sdn Bhd (PCSB) was recently held at the PCSB Headquarters, Kampong Kiarong, Jalan Pasar Baharu, Gadong, Bandar Seri Begawan.

Signing on behalf of AMBD was Haji Adi Marhain bin Haji Leman, Acting Deputy Managing Director, while PCSB was represented by Paul Taylor, Chief Executive Officer.

Witnessing the signing was Mohammed Roaizan bin Haji Johari, Acting Assistant Executive Director (Credit Bureau) of AMBD, and Roger Plahay, Chief Financial Officer of PCSB.

Senior officials from both AMBD and PCSB were also present during the signing ceremony.

The MoU aimed to set a foundation and cooperation between AMBD and PCSB in relation to the submission of customers’ credit information to the Credit Bureau of AMBD.

The initiative of this information sharing is aimed to further enhance the lender’s credit risk management as well as providing them with utility data as an alternative form of credit information sourced from the providers of ‘credit-like’ services, such as telecom.

The onboarding of PCSB, as an additional data provider for the Credit Bureau, symbolizes another milestone for the Credit Bureau as it will now have a full coverage of all telecommunication companies in Brunei Darussalam.

The inclusion of utility data in the credit report will enable customers to create their ‘reputational collateral’ by demonstrating their willingness and abililty to repay multiple and regular interval payments, particularly as utility customers are typically billed monthy, resembling the typical loan repayment cycles.

The reporting of both positive (such as timely payment) and negative (such as missed payment) information would encourage customers to establish and maintain good credit or payment history that will ultimately enable them to gain greater access to credit.

In conjunction with the signing ceremony, a briefing on the function and role of the Credit Bureau was also delivered to the officers and staffs of PCSB by an officer of AMBD. On the same occasion, the Bureau Credit also providing a temporary Self-Inquiry service counter to give opportunities to any officer and staffs of PCSB that wishes to obtain their own individual Credit Report.

The credit report or also known as the Self-Inquiry Report (SIR) contains detailed information of the individual’s credits that he’she has taken up, such as credit card, personal financing or motor vehicle financing. The information contained in the credit report is as what has been reported to the Credit Bureau by various lending institutions. Any individuals or companies can obtain their own credit report from the Credit Bureau for the purpose of self-checking to ensure the information reported in their credit report is accurate and updated.

For more info regarding Credit Bureau AMBD can go to http;//www.ambd.gov.bn/birokredit or follow their instagram @birokredit.

Source:
@BRUDIRECT.COM

by Brudirect.com

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