Credit Bureau Asia - DBS Research 2023-04-18: To ASEAN’s Greater Financial Inclusion

Credit Bureau Asia - To ASEAN’s Greater Financial Inclusion

  • Credit Bureau Asia (SGX:TCU) is a leading player in credit and risk information solutions (CRIS) market in Southeast Asia. In FY22, its financial institution (FI) business contributed 45% of the group’s revenue, with its non-FI business contributing 55%.
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ASEAN CRIS industry forecasted to grow at 15% CAGR by 2024.

  • By 2024, Credit Bureau Asia’s targeted ASEAN CRIS industry (comprising of the Singapore, Malaysia, Myanmar, and Cambodia markets) is forecasted to reach an addressable market size of S$312m, up from S$157m in 2019 and S$88m in 2015, which translates into a 5-year CAGR of 15%, according to Frost and Sullivan.
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  • the rise of digital banks.

Growth in banked population and credit card penetration to drive demand for CRIS.

  • According to Bain’s estimates, more than 70% of consumers in ASEAN remains underbanked or unbanked. In terms of credit card penetration, as of 2021, PPRO estimates that Malaysia, Myanmar, and Cambodia have credit card penetration rates of 21%, 2%, and ~0%, which significantly lag behind the averages of 69%, 49%, and 29% for the United States, Singapore, and the Asia Pacific region, respectively.
  • Further, there is room for growth in CRIS spent per capita for ASEAN countries, with Singapore’s CRIS spent per capita at US$11.6, versus the US’s and Canada’s US$35.2.
  • With a population of 570m and GDP expected to reach US$4.7tn by 2025, ASEAN is positioned as one of the world’s fastest growing regions. Economic growth can help spur further financial penetration and demand for the ASEAN CRIS industry.

The emergence of digital banks as a growth lever.

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Above is the excerpt from report by DBS Group Research.
Clients of DBS may access the full report in PDF @

Elizabelle PANG DBS Group Research | Lee Keng LING DBS Research | 2023-04-18

Price targets by other brokers at Credit Bureau Asia Target Prices.

Listing of research reports at Credit Bureau Asia Analyst Reports.

Relevant links:
Credit Bureau Asia Share Price History,
Credit Bureau Asia Announcements,
Credit Bureau Asia Dividends & Corporate Actions,
Credit Bureau Asia News Articles


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