AUTORITI Monetari Brunei Darussalam (AMBD) signed a Participant Service Agreement on the collaboration of credit information exchange with the Housing Development Department (HDD) of the Ministry of Development (MoD) during a ceremony at the headquarters of the MoD in Berakas recently.
HDD is a department under the MoD, which is responsible to provide, assess and assign homes for eligible applicants of the National Housing Scheme (RPN) of Brunei Darussalam.
On behalf of the HDD, the agreement was signed by Haji Muhammad Lutfi bin Abdullah, Permanent Secretary (Administration and Finance) at the MoD and witnessed by Haji Mohd Zakaria bin Haji Sarudin, Senior Special Duties Officer at the MoD. Signing on behalf of AMBD was Yusof bin Haji Abdul Rahman, Managing Director of AMBD, and witnessed by Mohammed Roaizan bin Haji Johari, Assistant Executive Director (Credit Bureau).
The Participant Service Agreement provides the provision for the HDD to submit credit information of the recipients of the RPN under the purview of HDD to the Credit Bureau of AMBD. In turn, the agreement also enables the HDD to obtain credit reports provided by the Credit Bureau, which will be used specifically to assist the HDD in assessing the creditworthiness of the RPN applicants. The underlying objective of this collaboration is to provide the HDD with a better assessment tool in determining the suitability or appropriateness of the type of housing scheme that will be extended to the applicants in consideration of their capability and capacity to service the commitment. This is to ensure the recipients would not unnecessarily overburden themselves financially in the long run.
The collaboration initiative is consistent with the Credit Bureau’s strategic development plan in expanding its data coverage beyond the traditional credit information obtained from the financial institutions. The objective of collecting value-added data such as those obtained from the HDD is to augment the existing banking information as it provides a more holistic view of the individual’s credit standing; further enhancing the credit risk management of the financial institutions.
For information on the Credit Bureau of AMBD, visit http://www.ambd.gov.bn/birokredit or email birokredit@ambd.gov.bn. – Autoriti Monetari Brunei Darussalam
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