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Central Bank Issued Licence to Myanmar Credit Bureau

Myanmar Central Bank issued licence to Myanmar Credit Bureau Limited to run credit bureau in Myanmar.

“The Union government approved the establishment of the country’s first credit bureau on May 10.

The survey on ease of doing business for 2019 will end in the second week of May. So, we have given the approval ahead of this,” said Myint Swe, Vice President at the regular meeting at UMFCCI on May 11. Vice president expects to see a rise up Myanmar’s ranking on the World Bank’s ease of doing business index by establishing credit bureau.

Myanmar Credit Bureau will collect the information about the credit settlement and other related data of the individual and organizations who borrow money from the banks, nonbank financial institutions and other financial institutions.

Then credit bureau will transmit them to the lending institutions. Through establishing credit bureau, b a n k s a n d n o n – b a n k f i n a n c i a l institutions can reduce depending on the system of lending by collateral. Small and Medium Enterprises can easily access loans because banks and financial institutions can readily provide loans by using information about the credit risks and accessing credit worthiness of the borrowers