Beltone Capital signs a framework agreement with CRIF to partner in providing many services including data science and credit rating

Cairo, October 8, 2023: Beltone Financial Holding (“Beltone”), one of the fastest- growing investment banks, announces that its wholly owned subsidiary, Beltone Capital has signed a framework agreement with CRIF (“CRIF”) – a global company specializing in credit and business information systems, analytics, outsourcing and processing services, as well as advanced digital solutions for business development and open banking – to cooperate on ESG scoring, credit rating, data science and analytics, business information. The agreement covers potential cooperation in Egypt and the MENA region.

Mr. Carlo Gherardi, Chairman and CEO of CRIF, commented: “We are delighted to be partnering with Beltone Capital. This is an important step for us in consolidating CRIF’s presence in the market, which will benefit from our global expertise in consumer finance and business information. Furthermore, thanks to our Rating Agency and its knowledge of the SME segment, we will be able to provide support and value-added solutions tailored to the distinctive characteristics of the local market”.

Dr. Ibrahim Safwat, Beltone Capital CEO commented: “Beltone Capital’s investment platforms rely on data-driven fundamentals and modern financial technologies. This partnership with CRIF is another step towards solidifying our plans in making sound investment decisions across various industries”.

Source: Beltone Financial Holding

From the Press:  Sources said that the company has not yet applied for a license from the Financial Regulatory Authority, and is still in the study and planning stag

Beltone Financial Holding, a leading investment firm, considers setting up a credit rating company through its subsidiary Beltone Capital, sources have told Daily News Egypt.

The sources said that the company has not yet applied for a license from the Financial Regulatory Authority (FRA), and is still in the study and planning stage. The company has hired CRIF, a global provider of credit and business information systems, to supply it with the necessary credit systems.

Earlier this week, Beltone Capital signed a framework agreement with CRIF for partnership in the fields of environmental, social, and governance (ESG) ratings, data science and technical analysis, credit scoring, and business databases in Egypt and the Middle East and North Africa (MENA) region.

The sources explained that the company has an ambitious investment plan across all sectors and activities in which it operates. It aims to complete its non-banking financial services portfolio, as well as enter new activities, especially monitoring developments and preparing the study to apply for a digital bank license from the Central Bank of Egypt (CBE) shortly.

Last August, the FRA approved the criteria for comparing applications for obtaining a license to practice the activity of evaluating, rating, and ranking securities.

According to an official statement from the FRA, the door will be opened for one new license for this activity, based on the needs of the capital market. The applications will be compared according to the attached standards to ensure greater assurance and transparency.

Credit rating agencies play a vital role in securities markets. They help allocate capital efficiently to serve investment opportunities according to their return and risk. They evaluate and rate the quality of various securities traded in the financial markets.

Source: Zawya.com