KUALA LUMPUR, 15 August 2019 – CTOS Data Systems Sdn Bhd has launched CTOS SME Score to drive SME growth in Malaysia by providing an easy and universal assessment of creditworthiness for SMEs.
The Group CEO of CTOS, Dennis Martin said the CTOS SME Score allows businesses to make credit decisions within minutes rather than several days.
“In an increasingly congested SME financing segment, we also anticipate that the quick turnaround time and comprehensive access to data offered by the solution will be the trigger point for SME decision makers when looking for financing,” he said during the launching event.
The CTOS SME Score is a three-digit representation of an SME’s credit risk, ranging from 100-400, developed in a partnership with FICO, a global leader in analytics and developer of the de facto standard for credit scoring in the United States.
As a comprehensive industry score, he said the solution sourced its data from CCRIS (Central Credit Reference Information System) Company Credit Data and CCRIS Consumer Credit Data from Bank Negara Malaysia, filing data maintained at national registrars, as well as financial data and ratio and business information and proprietary CTOS Data maintained by it bureau partners.
Currently, there are almost a million SMEs in Malaysia contributing 37% to the national GDP and that figure is expected to rise 41% by 2020.
SME also make up 98% of local businesses and create employment for two-thirds of all working Malaysians.
Martin said there are one million SMEs in Malaysia, 54% of companies, 60% of partnerships and 52% of sole proprietors have recorded a CTOS SME Score of 290 or more, indicating average to excellent creditworthiness.
Today’s event also see CTOS inked Memoranda of Understanding with OCBC Bank (Malaysia) Bhd and Peoplelender Sdn Bhd for the validation of the solution.
For a special introductory offer, CTOS SME Score will be available for RM9.90 until September 30 this year, a discount from the normal price of RM15.20. CTOS Credit Manager subscribers will also enjoy the solution for free to experience the solution first-hand.