Credit Bureau Asia partners Credit Counselling Singapore to offer debt and credit advice to financially distressed business owners
- CBA’s subsidiary Dun & Bradstreet Singapore signs MOU with Credit Counselling Singapore to raise awareness of their Debt Management Programme (“DMP”) and financial literacy education to sole proprietors, partnership businesses and SMEs
Singapore, 08 July 2021:
Credit Bureau Asia Limited (“CBA”, “亚洲征信有限公司” and together with its subsidiaries, the “Group”), a leading player in the credit and risk information solutions market in Southeast Asia and listed on the mainboard of the Singapore Exchange, is pleased to announce that its subsidiary Dun & Bradstreet (Singapore) Pte Ltd (“D&B Singapore”) has signed a strategic collaboration and exclusive partnership Memorandum of Understanding (“MOU”) with Credit Counselling Singapore (“CCS”) to help sole proprietors, partnership businesses and SMEs in Singapore with their credit management.
The MOU aims to promote awareness of CCS’ Debt Management Programme (“DMP”) and financial literacy education for business owners to users of Dun & Bradstreet services through joint marketing and public relations activities.
This marks the first time that D&B Singapore and CCS have joined hands to promote the responsible use of credit, and prudent debt management, and to provide advice to assist financially distressed business owners.
This new strategic collaboration between D&B Singapore and CCS addresses current gaps in the awareness of debt advisory and restructuring services among small and micro businesses in Singapore.
Mr Kevin Koo (“顾强”), founder and Executive Chairman of CBA, remarked: “We are happy to be the exclusive partner to Credit Counselling Singapore as we believe in their mission to help individuals and businesses with their credit management. Given the current COVID-19 situation, there has been an unprecedented rise in financial distress among businesses. We will do what we can to promote CCS’ Consumer and Business Debt restructuring program via our platforms so as to reach out to as many affected users as possible. We hope to educate the business community in proactive credit vigilance and raise the overall credit health profile of financially distressed businesses during these challenging times through our platforms.”
Mr Ang Hao Yao (“洪豪耀”), Chairman of CCS, added: “We are delighted to embark on this exclusive partnership with D&B Singapore. We believe we can help small and microbusiness owners who are facing financial distress or cashflow issues to take early remedial actions through our financial literacy programmes, debt advisory services and where applicable, facilitate their debt restructuring. D&B Singapore has a long track record in helping companies in decision-making with their rich database of business information. We are confident that this partnership will benefit sole proprietors and partnerships in particular, who lack the awareness of the recourse they have in managing loan obligations.”
CCS’s debt management and financial literacy programmes will also be promoted through Singapore Commercial Credit Bureau Pte. Ltd. (“SCCB”) monthly workshops and broadcasted to users of Dun & Bradstreet services.
About Credit Counselling Singapore (www.ccs.org.sg)
Credit Counselling Singapore (“CCS”) aims to be a leading charity that fosters financial resilience and a trusted organisation for all matters related to debts.
CCS assists individuals and small business owners address an unsecured debt problem through financial counselling, education and where suitable, facilitate debt repayment arrangement through its debt management programmes.
Established in 2004, CCS is a registered charity and a member of the National Council of Social Service. CCS works closely with The Association of Banks in Singapore, Credit Association of Singapore and Credit Bureau Singapore.
As of December 2020, CCS has counselled more than 34,000 distressed borrowers and put up 23,500 debt repayment proposals on behalf of suitable counselled individuals.
Further information on CCS is available on the website: www.ccs.org.sg.
About Credit Bureau Asia (www.creditbureauasia.com)
CBA, listed on the mainboard of Singapore Exchange, is a leading player in the credit and risk information solutions market in Southeast Asia, providing credit and risk information solutions to an extensive client base of banks, financial institutions, multinational corporations, telecommunication companies, government bodies and public agencies, local enterprises and individuals across Singapore, Malaysia, Cambodia and Myanmar. CBA’s business has two core segments, the FI Data Business and the Non-FI Data Business, covering both consumer and commercial credit risk information.
The Group, together with its joint ventures, is currently the dominant market leader in Singapore’s FI Data Business and the sole market player in Cambodia’s and Myanmar’s FI Data Business. Depending on the territory involved, these credit bureaus operate to provide their subscribing members, mainly banks and financial institutions, with access to credit information on consumers or business entities, all of which are generated from up-to-date credit information contributed by subscribing members. As at 30 June 2020, the Group has close to 200 financial institution members across Singapore and Cambodia which include banks, microfinance institutions, leasing companies and rural credit operators.
For its Non-FI Data Business, the Group has more than 6,000 customers (including multinational corporations and small and medium-sized enterprises) and access to a database covering more than 330 million business records globally as at 6 November 2020. CBA’s Non-FI Data Business operates in Singapore and Malaysia, where customers can access a wide range of business information and risk management services, sales and marketing solutions, commercial insights and other services, using data sourced from a variety of publicly accessible registries and Dun & Bradstreet’s extensive international network as well as information contributed by businesses which subscribe to CBA’s payment bureau services.
Credit Bureau Asia (CBA) and Credit Counselling Singapore (CSS)