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The Sate of Art of Consumer Credit Reporting System in Singapore
Ming yue Wen
Waseda University
This paper analyzed the consumer reporting credit system in Singapore from the perspective of its macroeconomic and regulatory environment analysis.
The main findings are as follows:
In terms of ownership structure, product and service categories and service domains, Singapore’s consumer credit reporting system has been well developed. The consumer credit reporting system in Singapore adopts the model of Lenders-exchange. Ownership structures of consumer credit bureaus in Singapore are unregulated and partnerships with foreign companies in these bureaus are also allowed, which makes it possible to operate using their global experiences.
However, because of the regulatory constraints, the current consumer credit reporting system splits its domain into financial and non-financial sectors, thereby inherently limiting cross-sector information sharing. As a partial solution of this problem, credit bureaus have attempted to extend their membership across sectors by introducing the non-contributing members. Furthermore, the modification of existing laws and another waves of M&As and integration in the industry are expected.
