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Kuala Lumpur, Malaysia, May 4, 2010
—IFC, a member of the World Bank Group, and Malaysia’s Central Bank are training government regulators and practitioners to better understand and implement methods of credit bureau reporting, which promises to help developing countries expand credit for people and small businesses.
Bank Negara Malaysia and IFC are jointly hosting a five-day training session in Kuala Lumpur for more than 70 regulators and credit reporting professionals from around the world. The training is providing intermediate and advanced information on credit reporting, including scoring, modeling, risk management, implementation, and reform of credit bureau systems.
Lack of credit information hinders banks from widely offering financial services. Credit information provides timely, credible, and objective information on borrowers, allowing financial institutions to reduce loan processing times and cut default rates. These savings can mean lower interest rates, making credit more affordable, and increased lending to individuals and small and medium enterprises.
“We are trying to fill a gap very much felt across emerging countries, where there is resounding demand for credit reporting and new risk management techniques,” said Oscar Madeddu, Specialist with IFC’s Global Credit Bureau Program. “Participants will be able to use what they learn in this training to increase financial inclusion of individuals and small businesses in their home countries.”
Launched in 2001, the IFC Global Credit Bureau Program has become an international leader in credit bureau development, seeking to facilitate lending to people and businesses in emerging markets. The program has provided credit bureau support in more than 61 countries, and has held over 90 events in 59 countries to date. It is funded by multiple donors including Australia, Italy, Luxembourg, the Netherlands, Norway, New Zealand, Switzerland, Visa International, and IFC.
About IFC
IFC, a member of the World Bank Group, creates opportunity for people to escape poverty and improve their lives. We foster sustainable economic growth in developing countries by supporting private sector development, mobilizing capital for private enterprise, and providing advisory and risk mitigation services to businesses and governments. Our new investments totaled $14.5 billion in fiscal 2009, helping channel capital into developing countries during the financial crisis. For more information, visit
www.ifc.org
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