In return, digital full banks are able to retrieve a consumer credit report from CBS before granting any credit to a customer.
Meanwhile, digital wholesale banks are not required to submit SME customers’ information to CBS, but have to obtain customers’ consent prior to retrieving the customer’s credit report from CBS.
Digital full banks in Singapore are GXS Bank, a joint venture between Grab and Singtel, MariBank, a wholly owned subsidiary of Sea, and Trust Bank, a partnership between Standard Chartered and FairPrice.
Meanwhile, digital wholesale banks in Singapore are ANEXT Bank, a wholly owned subsidiary of Ant Group, as well as Green Link Digital Bank, a joint venture between Greenland Financial Holdings and Linklogis Hong Kong.
See also: OCBC aims to fund $17 bil over five years to support FDI into the UK
They join 31 other financial institutions in Singapore as members of CBS.
William Lim, executive director of CBS says, “With the comprehensive, accurate and up-to-date credit information available from CBS, our members will be able to grow their business and at the same time, monitor credit risk exposure more effectively.”
CBS says that the five digital banks are expected to have a material and positive contribution to its revenue and profitability for the financial year ending 2023.
Shares of Credit Bureau Asia closed flat at 95 cents on Dec 7.
