The Ministry of Finance (MOF) has announced the registration of two new credit reporting agencies, MyData Informatica Sdn Bhd, and One Future Solutions Sdn Bhd. These additions brings the total number of registered credit reporting agencies in Malaysia to ten.

Among the existing agencies are CTOS Data Systems Sdn Bhd, a wholly owned subsidiary of Main Market-listed CTOS Digital Bhd, Experian Information Services (Malaysia) Sdn Bhd, and Credit Bureau Malaysia Sdn Bhd.

MOF highlighted the importance of the new entrants in driving future initiatives within the credit reporting industry. “As new entities in the credit reporting industry, these two companies are expected to implement various important initiatives in the near future,” it said, without specifying the nature of these initiatives.

The ministry also said this move would align with its objective of strengthening the credit reporting ecosystem, and enhancing benefits for both consumers and financial institutions.

Expressing confidence in the new agencies, MOF said it was confident that MyData Informatica, and One Future Solutions, will carry out their responsibilities professionally and in full compliance with the law.

“The government will also continue to monitor the execution of these responsibilities to ensure that the services provided meet high standards, and add value to the national financial sector,” it said.

(Source: The Edge)

• TAGS:
• Credit Score
• CTOS
• MOF
• MyData Informatica Sdn Bhd
• One Future Solutions Sdn Bhd