Excerpts from CGS CIMB report

Credit Bureau Asia Ltd (SGX: TCU)

Credit Bureau Asia two DWBs launched in Singapore – kicking off one of CBA’s new prospective revenue streams. CBS’s member bureaus will rise from 31 to 36. We think that DFBs could add at least c.3-6% in incremental revenue by endFY26F depending on the banks’ ramp-up. DWBs will augment this further. Reiterate Add. Growth prospects abound, though earnings accretion may take time. Meanwhile, ASEAN border re-openings will support growth.

GLDB and ANEXT – 2 new DWBs launched in Singapore

Two of the four digital banking licence awardees in Singapore (Green Link Digital Bank [GLDB] by Greenland Financial’s consortium and ANEXT Bank by Ant Group) launched their digital wholesale banking (DWB) businesses in the past week. GLDB will focus on integrating technological solutions to supply chain financing for SMEs, while ANEXT aims to serve local and regional micro...