In its bid to be truly supportive to the under-served for loans and financial support, CTOS Data Systems (CTOS) had signed a cooperative agreement with Kekal Impian to power the latter’s new digital money-lending platform.
For CTOS, the move is the logical next step as it is in line with the new functions that had been recently introduced, such as the CTOS Application and Decisioning for Moneylenders.
“We have long evolved from being a traditional credit reporting agency as (our functions) now include a broad suite of innovative end-to-end digital credit decision and management solutions. As such, the partnership that we’ve established with Kekal Impian is another important milestone as the CTOS Application (as it reinforces our push to be supportive),” said Erick Hamburger, Group CEO, CTOS Digital.
In signing this collaborative arrangement with CTOS, Kekal Impian can now provide faster, more convenient, and personalised services outside of its physical operations. Originally focused exclusively within the Johor region, it can now reach out to the under-served and disenfranchised through online platforms.
“There are still many who do not have easy access to credit through the traditional banking system. Digital money-lenders, like Kekal Impian, provide a vital alternative to these under-served and unserved segments. (In doing so,) it brings benefits to both community and economy. By being in a position to do our part in enabling the government to fulfil its vision of inclusivity, it coincides with our mission to improve credit health and financial inclusion across Malaysia,” Hamburger added.
With CTOS, Kekal Impian can quickly accelerate its capabilities to provide digital money-lending services and remain aligned with the governances that CTOS had already put in place.
This not only ensures that there is proper adherence to current and upcoming regulations that manage financial services, but also provides CTOS and Kekal Impian the oversight they need to help Malaysians attain and retain healthy credit lines and achieve financial stability.