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Singapore central bank wants to strengthen oversight of credit bureaus

Published on Aug 12, 2014 6:18 PM
 
CREDIT bureaus are the latest institutions being targeted by the Monetary Authority of Singapore (MAS) in its efforts to beef up the financial eco-system here. -- PHOTO: BLOOMBERG

SINGAPORE - CREDIT bureaus are the latest institutions being targeted by the Monetary Authority of Singapore (MAS) in its efforts to beef up the financial eco-system here.

The central bank said on Tuesday that it is proposing to enact a new Credit Bureau Act (CBA) to ensure greater and more formal oversight of such agencies.

Credit bureaus are in the business of collecting credit data to facilitate more comprehensive credit assessments by their members, for example, banks.

Such agencies are not subject to regulation or penalties currently.

 
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