MyData Informatica (MISB) and One Future Solutions (OFS) are now officially the latest credit reporting agencies approved by the Ministry of Finance (MOF), according to The Edge.

This licensing, granted under Section 14 of the Credit Reporting Agencies Act 2010 (Act 710), expands the number of active agencies in the country to ten.

This move brings MISB and OFS into a market already served by established players such as CTOS Data Systems, a subsidiary of publicly traded CTOS Digital, in addition to Experian Malaysia and Credit Bureau Malaysia.

The MOF has indicated that both MISB and OFS are expected to contribute to the development of the credit reporting sector through new initiatives.

While details about these initiatives are not yet public, the ministry has stated its expectation that they will align with its goals of strengthening the industry and benefiting both consumers and financial institutions.

The MOF plans to monitor the agencies’ activities to ensure high standards of service and a positive impact on Malaysia’s financial sector.

Featured image credit: Edited from Freepik