BNM introduces new initiative to digitise financial services

ALOR SETAR: Bank Negara Malaysia ( BNM) yesterday introduced a new initiative, eCCRIS, to digitise its financial services and empower society, its Governor, Tan Sri Muhammad Ibrahim said.

Muhammad said the bank’s efforts would expand the scope of the use of its Central Credit Reference Information System (CCRIS) report.

“The report is used not only by borrowers and lenders, but also for the purposes of individual financial health screening, debt management and settlement activities and screening of job applicants by employers.

“The development is in line with the BNM’s aspiration to see the wider use of credit scores,” he said in his speech when introducing the initiative at the Kedah Financial Carnival 2018 here yesterday.

The eCCRIS online system would enable monetary users to monitor loan information regardless of time and place through Internet access as well as increase efficiency to facilitate and shorten the credit evaluation process of the public from 11 financial institutions in Malaysia, he said.

Muhammad said credit scores would not only help financial institutions make credit decisions, but they could also give insights into and understanding of consumer behaviour.

This information might also be used by individuals to take appropriate action to increase opportunities for funding and access to financial services, he said.

“Although the Internet penetration rate in Malaysia has reached 72 per cent, some states still have relatively lower Internet banking penetration rates.

“For example, Internet banking penetration rate in Kedah only reached 46 per cent and in this regard, the efforts by the public and private sectors should be intensified to ensure the broadband nationwide access at affordable costs can be enhanced and further propel the use of modern financial services applications,” he said.

State Industry and Investment, Domestic Trade, Consumer Affairs and Cooperatives and Indonesia-Malaysia-Thailand Growth Triangle Committee chairman, Datuk Dr Ku Abdul Rahman Ku Ismail, officiated at the opening of the Kedah Financial Carnival.

Themed “Prioritise Your Financial Needs” aimed at educating the public on products and services that will help them effectively manage their finances.

It is the fourth in the series of the programme organised by BNM and the financial industry.

The first was held in January 2017 here.