Singapore keeps Credit Bureau Singapore as Moneylenders Credit Bureau operator until October 2029
A one-minute summary read by an AI voice.
Key points
- After an open tender, the Ministry of Law will keep Credit Bureau (Singapore) as operator of the Moneylenders Credit Bureau from 28 October 2026 to 27 October 2029.
- The ministry says existing services for licensed moneylenders and borrowers are not affected; the contract may then be renewed annually after review.
- The bureau covers a market where licensed moneylenders granted about 370,500 unsecured personal loans in 2023, up from about 338,300 in 2022 and about 308,600 in 2021.
Implications for lenders
For licensed moneylenders in Singapore, the bureau they use to assess creditworthiness stays the same through October 2029, so underwriting and reporting processes can continue without a data migration. With loans to older citizens at about 28,700, lenders may lean on bureau repayment histories when assessing older borrowers with irregular income.
Implications
Facts
Singapore's Ministry of Law announced on 21 October 2026 that Credit Bureau (Singapore) Pte Ltd (CBS), a subsidiary of Credit Bureau Asia Limited, will continue as the designated operator of the Moneylenders Credit Bureau (MLCB) under the Moneylenders Act 2008. CBS has operated the MLCB since 2021. Following an open tender, the new term runs from 28 October 2026 to 27 October 2029, after which the contract may be renewed annually, subject to the ministry's review.
The MLCB is a central database of borrowers' loan and repayment records with licensed moneylenders. Licensed moneylenders use it to assess creditworthiness, and the ministry describes it as helping borrowers avoid borrowing beyond their means. The ministry said all existing services for licensed moneylenders and borrowers will continue unaffected.
A 2024 written parliamentary answer gives the loan counts: licensed moneylenders granted about 370,500 unsecured personal loans in 2023, up from about 338,300 in 2022 and about 308,600 in 2021. 1 Loans to older Singapore Citizens (over the age of sixty-five) were about 28,700, up from about 19,800 in 2021. 2
Analysis
The decision keeps the data infrastructure stable at a time when the rules around it are tightening. Since 15 September, unsecured loans from licensed moneylenders carry a three-business-day cooling-off period, and the approval fee a lender may keep on a cancelled loan is capped at SGD 50 for loans up to SGD 5,000 and 3.5% of principal above that. 3 A stable bureau operator means lenders do not face a migration of records or enquiry systems while adapting to those rules.
Over time, the volume the bureau supports has grown: unsecured loans rose from about 308,600 in 2021 4 to about 370,500 in 2023, and loans to older citizens grew faster, up from about 19,800 in 2021. Shared repayment data matters more as the borrower base shifts toward groups with less regular income.
Counterpoints and uncertainties
The ministry's announcement gives no fees, data-field or coverage changes, so the terms of the new contract are not public. The ministry's 2024 answer gives loan counts only to 2023; more recent official volumes would show whether growth continued after the rule changes.
Key figures
- Unsecured personal loans granted by licensed moneylenders, 2023: about 370,500 (up from about 338,300 in 2022 and about 308,600 in 2021). Number of unsecured personal loans granted by licensed moneylenders in the year (Ministry of Law). All borrowers. Basis date: 31 Dec 2023. Source: Ministry of Law: written answer to PQ on loans taken up at licensed moneylenders (2024-07-02)
- Licensed-moneylender unsecured loans to Singapore Citizens above 65, 2023: about 28,700 (up from about 19,800 in 2021). Number of unsecured personal loans granted by licensed moneylenders to Singapore Citizens aged above 65 (Ministry of Law). Singapore Citizens aged above 65. Basis date: 31 Dec 2023. Source: Ministry of Law: written answer to PQ on loans taken up at licensed moneylenders (2024-07-02)
- Cancellation fee cap, loans above SGD 5,000: 3.5% of principal. Maximum approval fee retained on a cancelled loan with principal above SGD 5,000 (capped at the approval fee charged). Unsecured non-business loans from licensed moneylenders. Basis date: 15 Sep 2026. Source: Singapore Law Watch: Law Ministry to impose 3-day cooling-off period for loans taken from licensed moneylenders
- Unsecured personal loans granted by licensed moneylenders, 2021: about 308,600. Number of unsecured personal loans granted by licensed moneylenders in the year (Ministry of Law). All borrowers. Basis date: 31 Dec 2021. Source: Ministry of Law: written answer to PQ on loans taken up at licensed moneylenders (2024-07-02)
Sources
- Ministry of Law: Continued designation of Credit Bureau (Singapore) Pte Ltd as the operator of the Moneylenders Credit Bureau (2026-10-21)primary
- Ministry of Law: written answer to PQ on loans taken up at licensed moneylenders (2024-07-02)primary
- Singapore Law Watch: Law ministry to impose 3-day cooling-off period for loans from licensed moneylenders
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