SIGNING FOR THE PARTICIPANT SERVICE AGREEMENT BETWEEN AUTORITI MONETARI BRUNEI DARUSSALAM AND DATASTREAM DIGITAL SENDIRIAN BERHAD
SIGNING FOR THE PARTICIPANT SERVICE AGREEMENT BETWEEN AUTORITI MONETARI BRUNEI DARUSSALAM AND PROGRESIF SENDIRIAN BERHAD
1. Autoriti Monetari Brunei Darussalam (AMBD) has recently signed 2 separate Participant Service Agreements (PSA) with two local telecommunication service providers in Brunei Darussalam, namely Datastream Digital Sdn. Bhd. (DST) and Progresif Sdn. Bhd. (Progresif). The PSA provides the provision of the submission and usage of customer credit information to and from the credit bureau established by AMBD.
2. Signing for AMBD was Yang Mulia Dayang Hajah Rokiah binti Haji Badar, the Managing Director. Meanwhile, signing for the respective telecommunication service providers were Yang Mulia Awang Radin Sufri bin Radin Basiuni, Chief Executive Officer of DST and Yang Mulia Dayang Nurul Haniah binti Jaáfar, Chief Executive Officer of Progresif.
3. The newly entered PSA enables the telecommunication service providers to subscribe to the Credit Bureau's Telco Credit Report, which also contains a credit score, and to submit customers' credit information. The Telco Credit Report provides information transparency about consumers' creditworthiness and timely payment behaviour among the telecommunication service providers.
4. This collaboration will expand the information in the credit report to include non-traditional information. Information that can be considered non-traditional includes utilities (water bills, electricity, phone bills, etc), or retail lending. These information can be used to complement the existing banking information.
5. Non-traditional information also provides the financial institutions and telecommunication service providers a holistic view of their customers' credit worthiness. The companies may use this information to design new financing or telco products more suited to their targeted market and encourage positive financial behaviours among their customers.
6. To date, the Members of the Credit Bureau consists of all the licensed banks, finance companies, and the Islamic trust fund in Brunei Darussalam. Other data providers include the Department of Electrical Services, Ministry of Energy; the Housing Development Department, Ministry of Development; Bank Usahawan; and the telecommunication services providers. For further information on the Credit Bureau of AMBD, please visit Autoriti Monetari Brunei Darussalam Date : 2 Zulhijjah 1441 / 24 July 2020
Reference : AMBD/COMMS/3
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