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CINET Formalizes Memorandum of Understanding with the UAE’s Etihad Credit Bureau to Facilitate the Exchange of Credit Information

Posted On: 24/10/2024

CINET’s Chairperson, Mrs. Alia B. AlHumaidhi and Etihad Credit Bureau Director General, H.E Marwan Ahmad Lutfi during the MOU signing 

As part of ongoing efforts to strengthen regional collaboration within the Gulf Cooperation Council (GCC) in the credit information industry, Kuwait Credit Information Network (CINET) has signed a pivotal Memorandum of Understanding (MoU) with the Etihad Credit Bureau. This landmark agreement marks a significant step toward fostering the exchange of credit information and establishing robust, value-driven systems for collecting, requesting, and analyzing credit data. These efforts aim to enhance financing operations and facilitate the provision of a wide range of credit facilities between the two countries. The MoU was signed in Kuwait, with the Chairperson of CINET, Alia B. AlHumaidhi, and His Excellency Marwan Ahmad Lutfi, Director General of Etihad Credit Bureau, in attendance.

On this occasion, AlHumaidhi commented: “The agreement underscores the critical importance of credit information and credit score in today’s financial landscape. These elements have emerged as pivotal indicators in optimizing and enhancing the efficiency of financing operations and the extension of credit facilities between the two countries. By supporting the stability and resilience of the financial and economic systems, this partnership advances the shared goals of CINET and Etihad Credit Bureau. Through this strategic cooperation, both organizations aspire to drive innovation and safeguard the integrity of their respective economies.”

The Director General of Etihad Credit Bureau, His Excellency Marwan Ahmad Lutfi, added: “This memorandum aims to strengthen the exchange of expertise and best practices between the two parties, fostering collaboration toward the development of a joint framework that will support the continued growth of the financial sector and enhance financial stability. Through this partnership, both parties will facilitate seamless inquiries, streamline the exchange of credit reports, and conduct assessments between the two countries.”

During the visit of Etihad Credit Bureau representatives to CINET, a series of high-level meetings were convened at CINET’s headquarters. These discussions focused on the exchange of expertise between the two organizations and the exploration of strategic collaboration in both current and future practices within the credit information sector. Key topics included applications of credit data analysis for individuals and companies, the development of bounced cheques systems, and the expansion of credit inquiries into vital sectors such as real estate and telecommunications, alongside banking, finance, and commerce. Additionally, discussions addressed innovative financial technology solutions, including deferred payment models like "Buy Now Pay Later" (BNPL), and advancements in digital Know Your Customer (eKYC) frameworks.

It is important to highlight that the signing of the MoU between both parties represents the implementation of the resolution issued by the Supreme Council of the Cooperation Council for the Arab States of the Gulf during its thirty-seventh session. This resolution stipulates the approval of the exchange of credit information among GCC member states, in accordance with the action plan and the comprehensive framework established to facilitate the mechanism for credit information exchange across the region.

As Kuwait's leading provider of credit information, CINET continues to strengthen strategic partnerships with regional credit bureaus. This effort aims to support and enhance the banking, financial, and commercial sectors both within Kuwait and across the Gulf region.