Saudi Credit Bureau (SIMAH) , the leading credit bureau in MENA region, becomes the Platinum Sponsor for the 7th Annual Saudi Trade Finance Summit ( STFS) , which takes place on November 13th – 14th 2019 in Riyadh.
The summit will gather over 350 attendees including leading CFOs and Treasurers in the Kingdom along with key stakeholders involved including Government and Regulatory Authorities, Financial Institutions, Technology providers, Trade Credit Insurers, Consulting and Advisory firms, Supply Chain Financers and Alternate Financiers to discuss financial regulations, strategies and trends shaping the Kingdom’s economy.
“SIMAH believes that STFS with all its packages is a good opportunity to tackle some key issues related to the credit reporting industry ” says Swaied Alzahrani , SIMAH CEO . He indicates that SIMATI and SIMAT , SIMAH core consumer and commercial reporting systems, are very important in today’s financial system. “Creditors consider information held by these systems a primary factor when they evaluate the creditworthiness of data subjects and monitor the credit circumstances of consumers. This information flow enables credit markets to function more efficiently and at lower cost than would otherwise be possible. Well-functioning financial markets contribute to sustainable growth and economic development, because they typically provide an efficient mechanism for evaluating risk and return to investment, and then managing and allocating risk. Financial infrastructure (FI) is a core part of all financial systems. The quality of financial infrastructure determines the efficiency of intermediation, the ability of lenders to evaluate risk and of consumers to obtain credit, insurance and other financial products at competitive terms” Alzahrani adds.
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Founded in 2002 and started operation in 2004, Saudi Credit Bureau (SIMAH) is the first credit bureau in Saudi Arabia supervised , regulated and licensed by Saudi Arabian Monetary Authority (SAMA) to provide both consumer and commercial world class products and services. Innovativity of SIMAH stems from its robust ability to meet stakeholders’ needs in both government and private sectors. SIMAH’s marketing concept is FINDATA while more than 325 key data providers contribute big data to SIMATI, SIMAT and MOARIF. More than 82 million credit reports were issued by SIMAH since 2004 till end of 2018 while total number of credit instruments in 2018 was more than 47 million. Total number of consumers reports stored in SIMAH database is about 15 million which explains Saudi Arabia Depth of Credit Information Index being 8 out of 8 in 2018.