Phnom Penh (VNA) - Credit Bureau Cambodia (CBC) and Credit Bureau Singapore (CBS) have launched the first cross-border initiative between the two sides, according to Khmer Times.

The official launch was held at a recent signing ceremony at the Parkroyal Collection Marina Bay in Singapore.

This initiative makes it possible for members of CBS and CBC, such as financial institutions, upon obtaining an individual’s consent, to request the individuals’ credit reports where the individual has made an application for a credit facility with that financial institution, or has applied for a job with the financial institution which under the Fit and Proper criteria has to perform the necessary employment screenings.

With the credit data obtained, financial institutions will be able to make more thorough assessments of an individual’s creditworthiness before extending credit facilities to them and access credit reports for background screening when onboarding hires previously based in Singapore or Cambodia.

Chea Serey, Deputy Governor of the National Bank of Cambodia and Chairwoman of CBC, said it is commendable that the National Bank of Cambodia and the Monetary Authority of Singapore thought out of the box with an open mindset to empower the consumers to take control over their credit file across the borders.

The two credit bureaus have put in incredible efforts to be able to launch this collaboration that can bring significant benefits to a large number of businesses and individuals from both Cambodia and Singapore unlocking opportunities for them, she said, expressing her hope that the collaboration can be expanded to credit bureaus in other ASEAN countries to better realise a seamless ASEAN.

William Lim, Executive Director of CBS, noted his belief that this new initiative will help build a more robust credit management system for both bureaus.

He also hope it will pave the way for other bilateral collaborations to empower their members’ risk assessment capabilities when the right regulatory conditions are present./.