Tuesday, May 2, 2017

IFC, CBM promote new credit reporting regulation

May 1, 2017
IFC, a member of the World Bank Group, has successfully supported the Central Bank of Myanmar to develop a regulation for credit reporting—a key step in building up modern financial infrastructures that are necessary to improve access to credit for consumers and micro, small and medium enterprises in the country.

The Central Bank of Myanmar (CBM) issued the Regulation on Credit Information Reporting System on March 31, 2017, which provides a basis for the establishment and operations of credit reporting companies, such as credit bureaus, according to a report on April 28.

About 70 officials and representatives from the CBM, relevant government agencies, the Myanmar Banks’ Association, local and international banks, microfinance institutions and other lending agencies, as well as international development partners today attended an event to promote the new regulation. The participants deliberated on the key features of the Myanmar credit reporting regulation and its implications for the lending industry.

“The regulation is fundamental for credit information sharing among the lending institutions through credit bureau, which pools information from various types of creditors and public data sources on individual and business borrowers,” said Daw Khin Saw Oo, Deputy Governor of the CBM.

Ref; The Global New Light of Myanmar

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