BANDAR SERI BEGAWAN: Financial stability is one of the main agendas of the Autoriti Monetari Brunei Darussalam (AMBD) and is among the vital elements in generating strong and dynamic development infrastructure. The Managing Director of AMBD, at the opening ceremony of the AMBD Credit Bureau Service yesterday stressed on the importance of the credit bureau service in tackling challenges faced by the country’s financial institutions especially in obtaining complete and update credit information is timely. The challenges can cause an increase in credit risk and business costs, ©BRUDIRECT.COM reported.
Awg Yusof Hj Abd Rahman said that a healthy credit culture is an important factor in a strong and sustainable economic growth. Banks and financial institutions need to perform appropriate due diligence on credit exposure and debtor re-payment attitude before the loan is approved, however, the required information is hard to obtain and even takes a long time until it affects or impacts the operational cost as well as credit risk.
Present was the Minister of Development, Yang Berhormat Pehin Orang Kaya Indera Pahlawan Dato Seri Setia Awg Hj Suyoi Hj Osman as the Deputy Chairman of the AMBD Board of Directors. The Self-Inquiry Service launched at the opening enables debtors to get their respective credit reports.
The aim of the service is to increase transparency, instil awareness on credit and provide encouragement among debtors to build up and maintain a good credit reputation towards a culture of healthy credit.
The opening ceremony took place at the Dar Takaful IBB Utama building in Bandar Seri Begawan. The Credit Bureau Service is opened from Mondays to Thursdays from 08:30am until 03:00pm and on Fridays from 08:15am until 11:15am.