Credit Bureau Indonesia (CBI) Participates as a Speaker at the International Committee on Credit Reporting (ICCR) 2023

Bali, Indonesia – October 2023.
Credit Bureau Indonesia (CBI), as a Licensed Credit Reporting Agency (Lembaga Pengelola Informasi Perkreditan/LPIP) in Indonesia, successfully participated in the International Committee on Credit Reporting (ICCR) 2023, hosted by the Asia Pacific Regional Consultative Group. The prestigious event took place from October 24 to 26, 2023, at the Renaissance Hotel, Nusa Dua, Bali, and brought together leaders and experts in credit reporting and financial technology from around the world.

The Growing Relevance of Alternative Data in Credit Reporting

During the conference, Rawuh Ivan Irawan, Director of Information Technology at CBI, shared his insights on the growing importance of alternative data in credit reporting.
He stated, “The use of alternative data in credit reporting has become increasingly relevant, especially in situations where traditional credit data coverage remains limited. In Indonesia, current credit data only covers around 70% of the population that requires access to financing. Alternative data sources—such as utility records, telecommunications data, rental history, income verification, e-commerce transactions, and investment activities—can provide valuable insights for prospective borrowers who have limited or no credit history.”

However, Mr. Irawan also emphasized the challenges and potential risks associated with using alternative data.
He noted that issues such as accuracy, quality, legality, privacy, and regulatory compliance must be carefully managed. Integrating alternative data with existing credit information requires strong monitoring systems to ensure the reliability of the insights produced.

He further explained, “The implementation of Indonesia’s Personal Data Protection Law (UU PDP) adds another important dimension for credit bureaus, requiring us to ensure the legitimacy and consent-based use of alternative data. Transparency around data sources and user consent is essential.”

Collaboration and Regulatory Support Are Key

Mr. Irawan also highlighted the importance of collaboration among all stakeholders, including regulators, in achieving shared objectives.
He said, “Support and cooperation from all relevant parties, especially regulators, are crucial to achieving the main goal of strengthening credit reporting—expanding financial inclusion and providing access to financing for all market segments, both bankable and unbankable.”

Strengthening Commitment to Responsible Credit Reporting

The ICCR 2023 event served as a dynamic and insightful platform for Credit Bureau Indonesia to share knowledge, exchange best practices, and engage in productive discussions with other global industry leaders. The collaboration fostered meaningful dialogue on the responsible and ethical use of alternative data in credit reporting.

Meanwhile, Agus Subekti, President Director of CBI, expressed his gratitude for the opportunity to participate in this global event.
He said, “The ICCR Asia Pacific Regional Consultative Group 2023 was an extraordinary gathering, and we truly appreciate the opportunity given to CBI. The use of alternative data is evolving rapidly, and it is essential for CBI to maintain a balance between innovation and financial inclusion.”

Reinforcing CBI’s Role in Financial Inclusion and Data Integrity

CBI’s presence at ICCR 2023 reaffirms its commitment to responsible and secure credit reporting practices, supporting financial inclusion while upholding the highest standards of privacy and data protection.

As one of Indonesia’s pioneering private credit bureaus, Credit Bureau Indonesia continues to play a pivotal role in advancing innovation, transparency, and inclusion in the country’s credit reporting and financial ecosystems.