Five digital banks join Credit Bureau Singapore

THE five Singapore-licensed digital banks have joined Credit Bureau (Singapore), the credit bureau said in a press release on Wednesday (Dec 7).

The two full digital banks, including Grab’s and Singtel’s joint venture GXS bank and Sea’s wholly-owned subsidiary MariBank Singapore, will be required, inter alia, to submit to CBS consumer data related to credit reporting. Trust Bank, a partnership between Standard Chartered and FairPrice Group, will also be required to do so.

These banks are allowed to retrieve a consumer credit report from CBS before granting any credit to a customer.

The two digital wholesale banks, Ant Group’s subsidiary ANEXT Bank and Green Link Digital Bank, do not have to submit information related to their SME (small and medium-sized enterprise) customers. These digital wholesale banks have to obtain customers’ consent before retrieving credit reports from CBS. 

CBS now has 36 members, including the new joiners.

William Lim, CBS’ executive director, said the five digital banks will enrich CBS’ data repository as they use innovative technologies to reach out to more consumers.

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Credit Bureau Asia aims for ‘multiplier effect’ with digital banks

The five digital banks are expected to have a material and positive contribution to CBS’ and its parent company Credit Bureau Asia’s revenue and profitability for the financial year ending 2023, CBS said.

Shares of Credit Bureau Asia ended Wednesday flat at S$0.95.