Credit Bureau Singapore welcomes five licensed digital banks in the Lion City to join as new members to share consumer data.
All five of Singapore’s licensed digital banks have joined Credit Bureau Singapore (CBS) as members, according to a statement.
This includes two digital full banks (Grab and Singtel joint venture, GXS Bank; Sea-owned subsidiary, MariBank Singapore, two wholesale digital banks (Ant subsidiary, ANEXT Bank and Greenland-Linklogis joint venture, Green Link Digital Bank) as well as Trust Bank, a StanChart-Fairprice partnership.
The five digital banks join 31 current financial institutions as CBS members.
Credit Reporting
As members, the digital full banks and Trust Bank are required to submit consumer data related to credit reporting to CBS. In return, they are able to retrieve a consumer credit report from CBS before granting any credit to a customer.
The digital wholesale banks, however, are not required to submit small and medium-sized enterprise customers’ information to CBS and they have to obtain consent prior to retrieving customers' credit reports from the credit bureau.
«DFBs and Trust Bank will enrich CBS’ data repository as they deploy innovative use of technology to reach out to more consumers,» said CBS executive director William Lim.
CBS was formed in 2002 as a joint venture between the Association of Banks in Singapore (ABS) and Infocredit, a subsidiary of Credit Bureau Asia.
