KUALA LUMPUR (Nov 26): The Ministry of Finance (MOF) announced on Tuesday that it has decided to register MyData Informatica Sdn Bhd and One Future Solutions Sdn Bhd as new credit reporting agencies.

This raises to 10 the number of registered credit reporting agencies in the country. The others include CTOS Data Systems Sdn Bhd, a wholly owned subsidiary of Main Market-listed CTOS Digital Bhd (KL:CTOS), Experian Information Services (Malaysia) Sdn Bhd, and Credit Bureau Malaysia Sdn Bhd. 

"As new entities in the credit reporting industry, these two companies are expected to implement various important initiatives in the near future," the ministry said in a statement, but did not elaborate on what the initiatives are.

"These efforts are aligned with the aim of strengthening the ecosystem and the country's credit reporting industry, as well as benefiting consumers and financial institutions," it said.

The MOF expressed its confidence that both MyData Informatica and One Future Solutions will carry out their responsibilities professionally and adhere to all provisions stipulated under the law.

“The government will also continue to monitor the execution of these responsibilities to ensure that the services provided meet high standards and add value to the national financial sector,” the ministry said.