Designation of Credit Bureau (Singapore) Pte Ltd as the new operator of Moneylenders Credit Bureau under the Moneylenders Act

25 JUN 2021

25 Jun 2021 Posted in Announcements

  1. The Ministry of Law (MinLaw) will be designating Credit Bureau (Singapore) Pte Ltd (CBS), a subsidiary of Credit Bureau Asia Limited, as the new operator of the Moneylenders Credit Bureau (MLCB) under the Moneylenders Act. The designation will be valid from 1 July 2021.
  1. The MLCB is a central repository of data on borrowers’ loans and repayment records with licensed moneylenders. It allows licensed moneylenders to assess the creditworthiness of borrowers and helps borrowers avoid borrowing beyond their means.
  1. The MLCB has been operated by Experian Credit Services Singapore Pte Ltd (formerly known as DP Information Network Pte Ltd) since 1 March 2016. Following a competitive tender process, CBS will be the new operator of the MLCB for a period of three years, commencing on 1 July 2021. The contract may be renewed, subject to MinLaw’s review. The change in operator is administrative and will not affect any existing arrangements or services for licensed moneylenders and borrowers.

Past Press Releases: 28 Jun 2018 and 24 Feb 2016

MINISTRY OF LAW
25 JUNE 2021

Last updated on 25 Jun 2021