Credit bureau lists in Singapore to raise funds for growth

Credit Bureau Asia (CBA), which provides credit risk assessments, has registered its prospectus with the Monetary Authority of Singapore for an initial public offering (IPO) of 30 million shares priced at 93 Singapore cents each. The shares will begin trading on the Mainboard of the Singapore Exchange on December 3.

CBA has a 40 percent stake in Myanmar Credit Bureau, which was granted a non-exclusive licence in May 2018 by the Central Bank of Myanmar under the Myanmar Financial Institutions Law and is the sole credit bureau in Myanmar.
MB Investment Limited – a holding company established by the Myanmar Association of Banks – owns the remaining 60pc. Myanmar Credit Bureau will over time provide credit reports and other products such as data analytics, monitoring services and products that are tailored for customers as well as profiles on individuals and business entities through the collection of credit information and other related data.

This is expected to assist lenders in improving their risk assessment processes and evaluating the creditworthiness of potential borrowers in Myanmar, where the majority of businesses do not document their credit history and therefore do not qualify for loans needed for growth.Myanmar Credit Bureau currently holds an exclusive licence to use credit bureau software after signing a licensing arrangement with US-based Equifax New Zealand Services and Solutions in December 2018.Myanmar Credit Bureau was targeted to commence operations in April but opened in the fourth quarter of 2020 instead. It currently has over 220 potential members including national and local banks, foreign bank branches, and non-bank financial institutions.

It plans to widen membership and expand its product and service offerings to include credit scores and data analytics reports over the next two years.CBA has a 99.9pc market share in Singapore’s financial institution data business and is also the sole licensed financial institution data business in Cambodia in addition to Myanmar. It is raising funds to grow its offerings as well as expand regionally in new and existing markets.Based on the offering price of its IPO, the estimated post-listing market capitalisation of CBA is expected to be approximately S$214.3 million, according to its prospectus.

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Source : Myanmar Times

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