KUALA LUMPUR: CTOS Data Systems Sdn Bhd says its business has not been unaffected by a recent court decision, and it continues to operate as usual.

Chief operating officer Lee Shin Mei said the company only complies with the Credit Reporting Agencies Act 2010 (CRAA) in conducting its business.

"Our business is running as usual. We simply adhere to all guidelines outlined in the CRAA for conducting our business," she said after the launch of a collaboration between CTOS and airasia academy to empower small and medium enterprises (SMEs) here today.

Also present were Capital A Bhd chief executive officer Tan Sri Tony Fernandes and CTOS Digital Bhd CEO Erick Hamburger.

On March 11, the High Court ordered CTOS to pay RM200,000 as general damages to Suriati Mohd Yusof, who owns a resort on Pulau Perhentian, for inaccurate credit rating.

At that time, the High Court ruled that CTOS did not have the authority to formulate its own credit score.

Judge Datuk Akhtar Tahir said the credit rating agency was only authorised to be a credit information repository accessible to its customers.

He ruled that there were no provisions in the CRAA that empowered CTOS to formulate credit scores or create criteria or percentages for formulating its own credit scores.

Meanwhile, Shin Mei said CTOS aims to have 2,000 to 3,000 SMEs join the CTOS Verified programme by the end of this year through cooperation with airasia academy.

"Right now, only 30 SMEs have registered as we just started this program last month. This strategic move aims to expand the reach to empower more businesses to thrive in the dynamic digital era," she said.

Meanwhile, Fernandes said he believes there is a low-cost model for education, just as his success in building AirAsia's low-cost model over the past 20 years.

"Education can be a gateway to limitless opportunities. Since its establishment, airasia academy has tirelessly worked to democratise education, offering accessible online and face-to-face courses that bridge the gap in digital economic needs," he added.

https://www.nst.com.my/business/corporate/2024/04/1038583/ctos-business-unaffected-court-decision-coo