RMA and NLCS launches system for better collateral verification

2026-03-23 - 09:21

The Royal Monetary Authority of Bhutan (RMA) in close collaboration with the National Land Commission Secretariat (NLCS) officially launched the Integrated Collateral Management System (iCoMS), a national platform designed to improve collateral verification, strengthen financial integrity, and enhance public service delivery through a unified digital architecture on 17th March. The launch ceremony was jointly presided over by the Governor of the RMA, Yangchen Tshogyel, and Secretary of the NLCS, Tshering Gyaltshen Penjor, and was attended by senior officials from financial institutions, partner agencies, and key stakeholders from across Bhutan’s financial sector. iCoMS establishes a Single Window System by integrating movable asset records under the Central Registry for Secured Transaction (CRST) and immovable asset records under the Land Mortgage System (LMS) into one interface. The system enables streamlined and more reliable collateral verification, reducing double mortgages and improving efficiency for financial institutions and the general public. Prior to the launch of iCoMS, Financial Service Providers operated two separate systems: the CRST which managed movable collateral, and the LMS, which handled immovable collateral. The consolidation of these two systems into iCoMS is expected to significantly reduce administrative complexity and processing time for banks, financial institutions, and the public they serve. A core objective of iCoMS is to safeguard the integrity of Bhutan’s financial sector. By strengthening consistency across collateral records, the platform helps prevent double mortgages, inconsistencies, and fraudulent pledges, ensuring collateral information remains transparent and dependable for stakeholders. iCoMS introduces a range of features designed to modernize collateral management and improve the experience of all users. For Financial Service Providers, the unified interface streamlines collateral registration workflows and enhances data accuracy across the financial system. The RMA anticipates that these improvements will collectively contribute to a faster, more transparent, and more reliable credit environment in Bhutan. Whereas, members of the public can now check mortgage status online, eliminating the need for in-person visits. The system also enables secure digital payments for remote transactions. In addition, the LMS and CRST public search functions allow the general public to view details of movable and immovable assets pledged as collateral supporting informed decisions and strengthening trust in collateral-based transactions. The successful development and launch of iCoMS reflects sustained collaboration among the RMA, the NLCS, Financial Service Providers, system developers NGN Technology, and a broad range of stakeholders whose feedback and expertise were integral to the design and enhancement of the system. The formal partnership between the two lead institutions was underscored at today’s ceremony with the signing of an Agreement between the NLCS and the RMA, formalising the collaborative governance framework that will guide the continued operation and development of iCoMS. “The launch of iCoMS represents a meaningful step forward in our efforts to build a modern, efficient, and inclusive financial system for Bhutan. By bringing collateral management under one platform, we are helping financial institutions lend more efficiently and support broader access to finance across Bhutan,” said Deputy Governor Ugyen Choden, Royal Monetary Authority of Bhutan. The Royal Monetary Authority said it remains committed to the continuous improvement of Bhutan’s financial infrastructure. iCoMS is one of several initiatives under the RMA’s broader agenda to leverage technology in service of a more resilient, transparent, and accessible financial sector. The Authority looks forward to the continued collaboration of all stakeholders in the ongoing enhancement of the system.