The Building Materials Distributors Association of Malaysia, (BMDAM) and RAM Credit Information Sdn Bhd (RAMCI) recently launched the \u2018BMDAM COMMON DEFAULTER DATABASE\u2019.<\/p>\n
This initiative was earmarked under the Memorandum of Understanding (MoU) signed between both parties in April this year to enable association members of the building materials industry to identify defaulters.<\/p>\n
When broaching the issue earlier this year at the MoU signing, Mr. Yang Kian Lock, BMDAM\u2019s Immediate Past President shared on the need for an effective system to promote a healthier trading environment in the current challenging economic.<\/p>\n
\u201cAs business operators, we extend trade credit and face credit collection risks which grow under trying market conditions.<\/p>\n
\u201cTherefore, there is an urgency for industry members to have a common platform to share our trade payment information.\u201d<\/p>\n
Commenting on RAMCI\u2019s role, Dawn Lai, chief executive officer of RAMCI, said \u201cThe \u2018BMDAM COMMON DEFAULTER DATABASE\u2019 works as a business referencing and networking among association members by tapping into the RAMCI Creditrack portal, a 24\/7 online credit management system. \u201c<\/p>\n
The Database acts as a deterrent to prevent defaulters from getting credit facilities from other members of the association once they have defaulted someone else.<\/p>\n
In addition, association members have the option to share defaulters\u2019 information via RAMCI\u2019s Trade Bureau which will broadcast such trade payment behaviours to banks, financial institutions or other credit grantors.<\/p>\n
\u201cWe are encouraged that 40% of BMDAM members have signed up with RAMCI and have started to contribute their payment records. Our immediate goal is to have at least 80% of the members to sign up and contribute by end of 2018,\u201d added Lai.<\/p>\n
Meanwhile, Mr. Bill Lee, Current President of BMDAM said, \u201cMembers of BMDAM will receive special \u2018early warning alerts\u2019 from RAMCI whenever someone within the industry defaults.<\/p>\n
\u201cThis is a crucial and important aspect of the system. We are confident that our collaboration with RAMCI will value-add to BMDAM\u2019s members across Peninsular Malaysia, Sabah and Sarawak.<\/p>\n
\u201cThis collaboration will assist us to establish strong fundamentals in credit management, which will in the long run, help improve business efficiency, bottom-lines and business growth,\u201d he said.<\/p>\n
BMDAM is the national association for companies engaging in the business of supply and distribution of locally manufactured and imported building materials.<\/p>\n
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The Building Materials Distributors Association of Malaysia, (BMDAM) and RAM Credit Information Sdn Bhd (RAMCI) recently launched the \u2018BMDAM COMMON DEFAULTER DATABASE\u2019. This initiative was earmarked under the Memorandum of Understanding (MoU) signed between both parties in April this year to enable association members of the building materials industry to identify defaulters. When broaching the […]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[34],"tags":[],"class_list":["post-2326","post","type-post","status-publish","format-standard","hentry","category-general"],"_links":{"self":[{"href":"https:\/\/malaysian-business.com\/portal\/wp-json\/wp\/v2\/posts\/2326","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/malaysian-business.com\/portal\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/malaysian-business.com\/portal\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/malaysian-business.com\/portal\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/malaysian-business.com\/portal\/wp-json\/wp\/v2\/comments?post=2326"}],"version-history":[{"count":1,"href":"https:\/\/malaysian-business.com\/portal\/wp-json\/wp\/v2\/posts\/2326\/revisions"}],"predecessor-version":[{"id":4268,"href":"https:\/\/malaysian-business.com\/portal\/wp-json\/wp\/v2\/posts\/2326\/revisions\/4268"}],"wp:attachment":[{"href":"https:\/\/malaysian-business.com\/portal\/wp-json\/wp\/v2\/media?parent=2326"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/malaysian-business.com\/portal\/wp-json\/wp\/v2\/categories?post=2326"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/malaysian-business.com\/portal\/wp-json\/wp\/v2\/tags?post=2326"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}