CJMY
CTOS Data Systems Sdn Bhd, a leading credit reporting agency, has entered into a strategic partnership with Kekal Impian Sdn Bhd to revolutionize the digital moneylending landscape in Malaysia. This cooperative agreement comes on the heels of Kekal Impian securing a digital moneylending license from KPKT (Ministry of Housing and Local Government).
The collaboration centres around CTOS Application and Decisioning for Moneylenders, a cutting-edge digital platform designed to streamline Kekal Impian’s online moneylending operations. This move underscores CTOS’ transformation from a traditional credit reporting agency to a dynamic provider of end-to-end digital credit decisioning and management solutions.
Erick Hamburger, Group CEO of CTOS Digital Berhad, expressed, “Our latest iteration, CTOS Application and Decisioning for Moneylenders, powered by Juristech and integrated with CTOS eKYC and comprehensive bureau data, demonstrates CTOS’ evolution into a true digital enabler. This partnership aligns with our mission to enhance credit health and promote financial inclusion across Malaysia, especially for the underserved segments.”
CTOS empowering with state-of-the-art technology
The collaboration marks a significant step in expanding access to credit for Malaysians who often face barriers within the traditional banking system. Kekal Impian, previously operating exclusively in the Johor region, is poised to broaden its reach by leveraging CTOS’ advanced technology and expertise.
CTOS’ digital platform incorporates state-of-the-art technology from JurisTech, a fintech company in which CTOS acquired a 49% stake in 2021. JurisTech is renowned for providing enterprise-level solutions that drive digital transformation in banking, financial institutions, and telecommunications companies.
Kekal Impian’s transition into the digital moneylending sphere signifies a commitment to enhancing financial accessibility for individuals across Malaysia. By utilising CTOS’ comprehensive data and decisioning capabilities, Kekal Impian aims to offer faster, more convenient, and personalised financial services online.
Steven Phua of Kekal Impian stated, “Our journey began with a mission to assist those facing financial challenges. With the support of CTOS, we are now poised to transform into a nationwide digital moneylender, reaching a wider audience and making a positive impact on financial inclusion.”
The partnership underscores the importance of leveraging technology to bridge gaps in financial services, especially for those who have limited access to credit options. It aligns with the government and KPKT’s vision of promoting financial inclusion and economic growth.
Serving customers with greater speed and precision
The CTOS Application and Decisioning for Moneylenders platform offers a comprehensive suite of tools and data-driven insights to enhance Kekal Impian’s lending operations. It combines CTOS’ extensive database with eKYC (Electronic Know Your Customer) capabilities, ensuring efficient and secure lending processes.
This collaboration holds the promise of simplifying the loan application and approval process for borrowers while maintaining rigorous risk assessment standards. By adopting digital solutions, Kekal Impian can serve its customers with greater speed and precision.
Financial inclusion is a crucial aspect of economic development, and this partnership embodies the commitment of both CTOS and Kekal Impian to contribute positively to Malaysia’s financial landscape. By extending their services nationwide, they aim to make financial assistance more readily available to Malaysians, thereby contributing to economic growth.
The partnership between CTOS and Kekal Impian reflects the fintech industry’s continuous evolution and the adoption of digital solutions to address emerging challenges in the financial sector. It is a testament to the potential of collaboration in driving financial inclusion and expanding access to credit for a broader segment of the population.
The partnership between CTOS and Kekal Impian marks a significant milestone in Malaysia’s financial services sector. By harnessing the power of technology and data-driven decisioning, the collaboration aims to empower individuals with greater access to credit, especially those underserved by traditional banking institutions.
CTOS’ commitment to digital transformation and financial inclusion is further exemplified by this venture. As Malaysians increasingly turn to digital platforms for financial services, this partnership comes at an opportune moment, offering a more convenient and efficient way for individuals to access much-needed financial support.
Kekal Impian’s expansion into a nationwide digital moneylending platform is a testament to its dedication to serving a broader audience while upholding its mission to provide financial assistance to those facing economic challenges. Together with CTOS, they are set to contribute to a more inclusive and accessible financial ecosystem in Malaysia.
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