CRIF has announced that it has been awarded the international tender for the development and management of the new commercial and banking credit bureau in the Kingdom of Saudi Arabia (KSA). The tender was issued by Bayan Credit Bureau.
Bayan selected CRIF as a strategic partner thanks to its proven track-record in the development of credit information systems worldwide and its knowledge of the Arabic market, as part of the goal to be a world class commercial credit bureau in the region and to support the development of the local economy.
This increased sharing of trade and credit information will facilitate the expansion of the domestic B2B market, and the access to credit for more businesses and consumers by improving the credit granting process and reducing default rates, as well as promoting responsible decision-making and less discriminatory lending practices.
Considering the economic and financial system in KSA, the local trade credit bureau will help SMEs to move from a traditional approach, where the commercial credit is mainly based on a one-to-one approach, to a more advanced one based on credit references. At the same time banks will be able to deliver financial services at significantly reduced costs and expand credit to SME’s segment of the economy.
Lenders will be able to make faster and more accurate decisions based on a detailed credit profile of borrowers and improve their risk management. On the other side, the availability of a full commercial credit history will give to KSA businesses easier access to credit, allowing them to obtain more favorable credit conditions.
Using its globally recognized experience in providing 360° solutions to banks and companies, CRIF will also develop customized scoring systems, offering significant advantages to the assessment of customer creditworthiness, reliability and level of indebtedness.
“CRIF is our ideal partner thanks to its strong international background, consolidated know-how and IT flexibility. Moreover, Bayan credit bureau with a partnership with CRIF will support more efficiently and effectively local market players through a wide range of reliable and personalized services enabling them to make faster and more accurate decisions, to improve their risk management and manage more confidently their business – said Mr. Suhail Abanmi Chairman of Bayan credit bureau”.
“Bayan will play an important role in the area of commercial risk management and in the promotion of a more mature credit culture in the KSA economic system. As we have already experienced in many other countries, the evolution of the economy heavily depends on the availability of effective and efficient information systems which streamline credit risk management and consequently sustain the financial needs of businesses and consumers”, explained Marco Preti, Managing Director of CRIF.
Source: CRIF Press Release