SINGAPORE - The Ministry of Law (MinLaw) has designated DP Information Network (DP Info) as the operator of the Moneylenders Credit Bureau (MLCB) under the amended Moneylenders Act, the ministry announced in a press statement on Thursday (June 28).
The MLCB, set up in March 2016, 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 help borrowers to avoid borrowing beyond their means.
The appointment of DP Info will facilitate the implementation of amendments to the Moneylenders Act earlier this year, MinLaw said.
"These include the introduction of a new regulatory regime for the MLCB to protect the confidentiality, security and integrity of borrower data; the introduction of an aggregate loan cap to provide better protection for borrowers; and various measures to raise industry standards."
MinLaw added that it has been working closely with DP Info to administer these changes.
The new designation will be valid from the date of commencement of the amended Moneylenders Act to March 1, 2020.
Formed in 1978, DP Info is a Singapore credit and business information bureau, and is part of the Experian Group. It develops credit ratings and credit scoring models for Singapore companies.
The firm was first appointed by MinLaw in November 2015 to design and develop the MLCB, which was launched on March 1, 2016.