CTOS Data Systems Sdn. Bhd., Malaysia’s leading credit reporting agency, saw a record number of business credit reports pulled via the CTOS Credit Manager system by SME subscribers during Q3 this year. This highlights the importance that SMEs are putting on credit risk management in keeping their businesses protected during these challenging times. CTOS provides access to crucial data and insights to help business owners evaluate potential risks exposure and make decision with confidence.
The average monthly transactions for business credit reports increased by 20% from just over 130,000 in 2019, to over 160,000 in Q3 2020, coinciding with the restarting of non-essential industries post MCO. As businesses look to ensure their continued survival following the economic effects of the COVID-19 pandemic, making sound business decisions and reducing risk exposure is more crucial than ever before. Over 16,000 SMEs are using CTOS Credit Manager which is accessible online, giving them insights at their fingertips.
“Credit risk management has always been an integral part of businesses but with the prevalence of the pandemic, access to crucial insights and data to make sound business decisions now becomes more important. Cash flow is truly ‘king’ especially for SMEs in this trying time. It is for this reason, we are seeing more of our business users utilizing our services to make data-driven informed decisions and we have launched various new digital business solutions to supplement the credit risk products available in Credit Manager,” explained Dennis Martin, Group CEO of CTOS Digital Sdn Bhd.
As digital transformation becomes more essential to SME survival, CTOS has been evolving in tandem, providing businesses with the tools to make a successful transition. This is part of CTOS’s strategic journey from historically being a data-only business, to now becoming a dynamic insights and analytics-driven digital solutions provider. In addition to Credit Manager, CTOS delivers a complete portfolio credit risk management solutions and services.
The digital and fintech enabler also offers a slew of other digital business solutions for SMEs and business owners such as CTOS SME Score, CTOS eKYC, CTOS International Business Reports, CTOS ConnneX and CTOS Application and Decisioning software. “Through our range of credit risk management solutions and services, we aim to bridge the existing information gap arising from insufficient financial track record and the lack of corporate data available for SMEs by empowering business owners with access to crucial business information at greater ease and speed,” added Martin.
CTOS is widely used by the country’s banking and financial institutions, insurance companies, telecommunication companies, large corporations, SMEs, legal firms and state bodies.
CTOS Credit Manager is the company’s flagship offering for businesses, powered by a cutting edge, versatile tool that enables business owners to evaluate and monitor their customers to prevent business risk, as well as recover bad debts more easily.