The Central Bank of Myanmar (CBM) has issued a license to Myanmar Credit Bureau Limited, allowing it establish a credit bureau in the country with the aim to provide small and medium enterprises (SMEs) with easier access to loan, according to a May 17 CBM announcement. It is a joint venture between the Myanmar Banks Association (MBA) and Asian Credit Bureau Holdings which is based in Singapore. The credit bureau will collect loan repayment histories and other information on borrowers and distribute the profiles to lenders such as banks and other non-bank financial institutions. Therefore, lenders can assess the risk of providing loans to SMEs based on the information provided by the credit bureau.Apart from the license, the new Myanmar Credit Bureau will require capital of at least K3 billion ($2.2 million). It is expected to be operational within a year.

Source: Daily Eleven

1219total visits,2visits today