KUALA LUMPUR, Nov 26 — The Ministry of Finance (MoF) has decided to register MYDATA Informatica Sdn Bhd (MISB) and One Future Solutions Sdn Bhd (OFS) as new credit reporting agencies (CRAs) under Section 14 of the Credit Reporting Agencies Act 2010 [Act 710].

The MoF said in a statement today that these two companies are joining the credit reporting industry, which includes CTOS Data Systems Sdn Bhd, Experian Information Services (Malaysia) Sdn Bhd and Credit Bureau Malaysia Sdn Bhd.

With this new registration, the number of CRAs has increased to 10 from the eight registered, the MoF said.

According to the MoF, these two companies, which are also new entities in the credit reporting industry, are expected to implement various important initiatives in the near future.

It said this effort is in line with the goal of strengthening the ecosystem and the country’s credit reporting industry as well as benefiting consumers and financial institutions.

"The MoF is confident that MISB and OFS will carry out their responsibilities professionally and comply with all the provisions stipulated under Act 710,” said the ministry.

The government will also continue to monitor the implementation of this responsibility to ensure that the services provided meet high standards and provide added value to the country’s financial sector, it added. — Bernama