Dhaka and Bologna, 27 May 2009 – CRIF has been awarded the international tender for the modernization of the credit information system of the Bangladesh Bank, the country’s central bank. After an extensive process of evaluation and selection, CRIF’s proposed solution was chosen as the preferred option from the list of international players.

The Bangladesh Bank project – funded by the UK Government’s Department for International Development (DFID) – consists of the modernization of the technological infrastructure, and the complete redesign of existing credit bureau processes, still based largely on manual procedures. The Bangladesh Bank manages the public credit bureau which gathers credit information contributed by law by the country’s credit institutions. The system manages data on credit relationships, including those related to consumer credit.   Source: CRIF

The project is funded by the United Kingdom’s Department for International Development (DFID through its Bangladesh programme.  For more information on DFID’s work globally, please visit www.dfid.gov.uk  

To read the full story click on the link: CRIF Press Release

In a relatively short period of time CRIF has become an aggressive global player in consumer risk management solutions.  CRIF was founded as a consumer credit bureau in 1988 in Bologna, Italy.  It expanded into decision solutions ten years later and established an operation in the United States.  It entered into a strategic alliance with TransUnion in 2001 to develop decision solutions in NAFTA markets.  During the period from 2005 to 2007 CRIF entered into the Czech Republic, Slovak Republic and Poland.  In 2008 CRIF acquired US based TERES Solutions which develops advanced solutions for direct and indirect lending which represent the reference standard in the financial services market.  Within 20 years CRIF has become a major source for business information in Italy.  CRIF has now set its sights on Asia having set up Huaxia CRIF Credit Consulting (Beijing) Co., Ltd as a joint venture with Beijing based Huaxia International Consumer Information Consulting Co., Ltd.  The Bangladesh project illustrates CRIF’s intention to enter Asia as a serious player in consumer credit information and decision support services and that its entry into China should not be seen as an isolated event.

BIIA Newsletter June 2009 Issue