KUALA LUMPUR, 09 May 2024 – CTOS Data Systems Sdn Bhd, the wholly owned subsidiary of CTOS Digital Berhad, solidified its commitment to promoting financial literacy and increasing consumer awareness on credit health through a series of strategic Memoranda of Understanding (MOUs) signed with prominent fintech platforms. The MOU signing ceremony took place recently where CTOS joined forces with MoneyX, PAYLATER, iMoney, KawanPay, and Atome, to provide the CTOS Score to consumers via the platforms’ userbases.
These collaborations underscore CTOS’ dedication to empowering Malaysians with enhanced access to credit information and fostering improved financial literacy across the nation. By leveraging CTOS Score collaborations and API integration, CTOS and its affiliate partners aim to streamline access to credit scores and reports, providing consumers with valuable financial insights to make informed decisions regarding credit applications and loans.
One of the key benefits of these partnerships is the facilitation of improved financial literacy among consumers. Through educational initiatives and tools integrated into the partner platforms, users will gain a deeper understanding of their credit standing, including the factors influencing credit scores and best practices for managing credit responsibly. This initiative aims to equip consumers with the knowledge and resources needed to navigate the financial landscape confidently.
Furthermore, the collaborations will offer exclusive offers and discounts to consumers, ensuring that they enjoy added value from their interactions with the partner platforms. Through marketing campaigns and promotional activities, consumers will have access to special incentives, enhancing their overall experience and incentivising responsible financial behaviour.
Commenting on the significance of these partnerships, Chiam Hsing Chee, Group CFO of CTOS Digital, emphasised the importance of leveraging fintechs, e-commerce and e-wallet platforms to empower consumers with the right tools and knowledge for financial decision-making. “Globally, fintechs, e-commerce and e-wallets have transformed the way consumers manage their finances. At CTOS, we are committed to leveraging these platforms to empower as many people as possible with access to their credit health,” said Chiam. “Our partnerships with these leading fintech platforms will enable millions of users to conveniently and seamlessly access and understand their credit health, marking a significant step forward in our mission to promote financial inclusion and literacy.”
“Providing consumers with easy access to their credit health reports through CTOS is key to advancing financial and digital literacy in Malaysia. It also underlines Atome’s commitment to easier, simpler and more affordable access to digital-first financial services, while also leveraging our unique expertise in risk-managed credit and responsible financing,” added Daphne Lourdes, General Manager for Atome Malaysia
Aslam Pillai, Director of KawanPay Management (M) Sdn Bhd said, “This partnership aligns with our mission to create more financially healthy entrepreneurs in our country. Seamless integration also ensures that all our users and entrepreneurs have the latest financial literacy tools at their fingertips with the eWallet app.”
According to Choo Joon Keong, Deputy CEO of MoneyX, “In Malaysia, a healthy credit score is key to financial empowerment. MoneyX’s partnership with CTOS strengthens our ability to serve Malaysians. By integrating credit score insights, we provide a more comprehensive picture of financial health, empowering Malaysians to achieve their financial goals.”
“Providing access to the CTOS Score will help iMoney users gain a stronger understanding of their financial health and ultimately feel empowered to make better money decisions. In the future, we will be enhancing this service by providing our users with access to their credit report just by logging in to their account with iMoney. This will allow us to match our customers to the right products and services to better take charge of their life goals,” said Ken Yap, General Manager of iMoney.
“It’s good to check your credit score periodically to better understand your credit position and to uncover any inaccurate reports. This helps you to avoid fraudsters misusing your credit profile,” added Dexter Wong, CEO of Kale (Technology) Sdn Bhd.
These collaborations represent a significant milestone in CTOS’ ongoing efforts to democratise access to credit information and promote financial inclusion in Malaysia. By partnering with leading fintech platforms, CTOS reaffirms its commitment to empowering individuals and businesses with the tools and knowledge they need to achieve financial well-being.
For more information about CTOS and its affiliate partnerships, please visit www.ctoscredit.com.my
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ABOUT CTOS DATA SYSTEMS SDN BHD
CTOS, Malaysia’s largest private credit reporting agency, is a registered Credit Reporting Agency under the Credit Reporting Agencies Act 2010. Established in 1990, CTOS has over 30 years of experience in aiding credit grantors make better credit decisions. CTOS utilises information from its users and the public domain to support informed decisions and facilitate fact-based risk management when providing credit extension. CTOS delivers a complete portfolio of credit reports and value-added services and is widely used by the country’s banking and financial institutions, insurance companies, large corporations, legal firms, businesses and state and statutory bodies.
For more information, visit http://www.ctoscredit.com.my/