CTOS recently signed a Memorandum of Understanding (MoU) with iBilik.com to ease the vetting process on legitimate landlords and tenants by integrating a number of CTOS products into the iBilik.com platform such as CTOS eKYC digital onboarding solution, CTOS reports and CTOS tenant screening.
This collaboration will also see iBilik.com contributing tenants’ payment history to CTOS to better showcase prompt payment behaviour and help minimize thin file issues. With the majority of iBilik.com tenants being students and young renters, the positive rent payment records will help them build credit history to get access to credit facilities.
“Initiating change through big data and digital solutions is the mantra of CTOS Digital,” explained Erick Hamburger, Group CEO of CTOS Digital Berhad. “This partnership provides a much-needed extra security for tenants and landlords alike.
From a greater perspective, this also allows consumers a new route to build a credit profile, which will reduce the number of Malaysians who struggle to obtain credit from financial institutions due to a lack of credit history. At CTOS, we are always finding new ways to demonstrate responsible financial behavior so that lenders can confidently extend credit to more consumers.”
The pandemic, as well as mass digitalisation of the economy in the last few years, has led to the majority of house-hunting being carried out online, which causes new issues to arise.
Recent news reports have shown that scams involving illegitimate properties for rent are on the rise, and Malaysia has notably had issues with landlords reticent to let out their properties for fear of non-payment or damage by rogue tenants.
The integration of CTOS eKYC will allay these fears, as both tenants and landlords will have the certainty that the person that they are dealing with has been verified as legitimate, while CTOS credit reports will allow landlords to vet prospective tenants and their ability to maintain rental payments.
