CTOS Data Systems Sdn Bhd, a wholly owned subsidiary of CTOS Digital Bhd, has recently entered into a Memorandum of Understanding (MoU) with iBilik.com, a Malaysian online accommodation provider specializing in room rentals, homestays, and short-term rentals.
Under this newly forged MoU, the integration of several CTOS products into the iBilik.com platform aims to streamline the vetting process for both landlords and tenants. Key CTOS offerings, including the CTOS eKYC digital onboarding solution, CTOS reports, and CTOS tenant screening, will contribute to enhancing the credibility assessment of users on the iBilik.com platform.
The collaboration also involves iBilik.com sharing tenants' payment histories with CTOS, providing valuable insights into prompt payment behaviors. This data sharing initiative aims to address "thin file" issues, where individuals lack a credit record. As a significant portion of iBilik.com's tenant demographic comprises students and young renters, positive rent payment records will enable them to establish credit history, facilitating their access to credit facilities.
Erick Hamburger, Group CEO of CTOS Digital Bhd, emphasized that leveraging big data and digital solutions to drive change is the focal point of CTOS Digital. He highlighted that the partnership with iBilik.com adds an extra layer of security for both tenants and landlords. Additionally, the collaboration creates a novel avenue for consumers to build a credit profile, potentially reducing challenges faced by Malaysians lacking credit history when seeking credit from financial institutions.
The ongoing pandemic and the increasing digitization of the economy have shifted the house-hunting landscape online, resulting in emerging challenges. Reports of scams related to illegitimate property rentals have been on the rise, causing landlords to hesitate in renting out their properties due to concerns about non-payment and potential damage by unscrupulous tenants.
The incorporation of CTOS eKYC is expected to alleviate these concerns by providing a verified legitimacy status for individuals involved in the rental process. Furthermore, CTOS credit reports will empower landlords to assess prospective tenants and evaluate their ability to fulfill rental payment obligations.
Seng Hee Lee, Chief Executive Officer of iBilik.com, expressed the company's commitment to innovation in order to redefine industry standards. He highlighted that by integrating CTOS services to ensure a quick, easy, and secure rental process, iBilik.com aims to serve existing landlords and tenants while also addressing the reservations of those who were previously reluctant to rent due to associated risks. The collaboration enhances iBilik.com's end-to-end rental management system, making it even more seamless with the inclusion of IoT-enabled features.
