KUALA LUMPUR (June 29): CRIF Omesti Sdn Bhd, a joint investment company between Omesti Bhd and CRIF Group, has obtained a credit reporting agency (CRA) licence from the Ministry of Finance (MoF).

The licence will allow CRIF to extend its global coverage to Malaysia as a licensed CRA to provide credit reports and business information services for financial institutions, corporations and small and medium enterprises (SMEs), Omesti said in a statement.

“The credit reporting space is an area that we believe holds significant potential, not just in Malaysia but across the region. We are therefore keen to increase our footprint, hence the joint investment with CRIF, where we hold a 30% direct stake at present,” said CRIF Omesti director Mah Xian-Zhen.

“When it comes to the SME segment of the market, many business owners are refused loans based on criteria that do not necessarily explain how the business is doing. Reliable credit reporting and access to verified business information are therefore critical components of successful trade.

“This is especially true when it comes to cross-border transactions, where potential trading partners need to ensure they can enter into business with the firm knowledge that the information on which they are basing their decisions is accurate and verified. This becomes even more vital as regional economies push to recover post the Covid-19 pandemic and strive to attract new investments,” Mah added.

Established in 1988 in Bologna, Italy, CRIF operates over four continents and specialises in credit bureau and business information as well as credit solutions. Besides Malaysia, it also operates in eight other countries around the Asian region.