Cyberjaya, May 15, 2024 – In a landmark move set to redefine the landscape of credit assessment and behavioural insights using psychographic data, Credit Bureau Malaysia Sdn Bhd (Credit Bureau Malaysia) and Global Psytech Sdn Bhd (Global Psytech) have officially signed an agreement to explore the potential development of new-edge credit scoring models. The signing ceremony, held in Cyberjaya marks the beginning of a potential innovative initiative aimed at integrating conventional credit information with cutting-edge alternative data in credit scoring model.
The collaboration between Credit Bureau Malaysia, one of Malaysia’s main credit reporting agencies, and Global Psytech, a leader in behavioral analytics solutions, seeks to enhance the accuracy and inclusivity of credit evaluations. By leveraging Credit Bureau Malaysia’s extensive repository of comprehensive credit information and Global Psytech’s expertise in alternative data analysis, the collaboration aims to provide a more holistic view of an individual’s creditworthiness.
A core focus of this collaboration is to enhance financial inclusion, particularly for the gig economy and underserved population. Gig workers, who often face challenges in accessing traditional financial services due to irregular income and lack of credit history, stand to benefit significantly from this initiative. By incorporating alternative data, such as transaction histories, and psychographic data, the new credit scoring models aim to provide a more accurate representation of their financial stability and creditworthiness.
Key Benefits of the Collaboration
The collaboration aims to deliver several key benefits, which may include:D, the new models strives to offer deeper insights into customer’s credit reliability and potential.
- Increased Financial Inclusion: The integration of alternative data strives to help identify creditworthy individuals amongst the underserved and thin-file populations, including gig workers.
- Improved Risk Management: As a result, credit lenders are likely to benefit from a more comprehensive risk assessment, potentially reducing default rates and enhancing portfolio performance.
This collaboration is poised to transform the financial services industry, offering innovative solutions that cater to the evolving needs of consumers and businesses alike. Both companies are committed to continuous improvement and innovation, setting a new standard in credit evaluation.
As Credit Bureau Malaysia and Global Psytech embark on this exciting journey, stakeholders and consumers may look forward to a more inclusive and accurate credit assessment ecosystem.
