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Omesti unit secures credit reporting agency licence in Malaysia

29 Jun 2020 / 23:07 H.

PETALING JAYA: Omesti Bhd’s CRIF Omesti Sdn Bhd has obtained a credit reporting agency (CRA) licence in Malaysia from the Finance Ministry.

CRIF Omesti is a joint investment between credit information company CRIF and Omesti Holdings Bhd, which is fully owned by Omesti.

The operation will allow CRIF to extend its global coverage to Malaysia as a licensed CRA to provide credit reports and business information services for financial institutions, corporations, and SMEs. Apart from offering credit information services in the country, this strategic move will also connect Malaysian businesses to the Asean region.

CRIF Omesti director Mah Xian-Zhen said the credit reporting/information space is an area that it believe holds significant potential, not just in Malaysia but across the region.

“We were therefore keen to increase our footprint, hence the joint investment with CRIF, where we hold a 30% direct stake at present,” said Mah in a statement.

CRIF Omesti CEO Crystal Saw said as a licensed credit reporting agency in Malaysia, CRIF will deploy its business information platform technology and its credit scoring and analytics to the Malaysian market, to raise the bar for business information services, and raise the market to the next level of digital transformation.

Since commencing its journey into East Asian markets in 2005, CRIF has recognised that the fragmented information framework of many of these countries are key issues to address in order to achieve financial inclusion.

“When it comes to the SME segment of the market, many business owners are refused loans based on criteria that do not necessarily explain how the business is doing. Reliable credit reporting and access to verified business information are therefore critical components of successful trade.

“This is especially true when it comes to cross-border transactions, where potential trading partners need to ensure they can enter into business in the firm knowledge that the information on which they are basing their decisions is accurate and verified. This becomes even more vital as regional economies push to recover post-Covid-19 pandemic and strive to attract new investment,” said Mah.

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