GCC Credit Integration Advances as CINET and SIMAH Forge Transparency Partnership
▼ Summary
– CINET visited SIMAH to explore collaborative opportunities and review best practices in the credit information industry at national and regional levels.
– The visit supports the GCC credit information exchange project, aligned with the GCC Supreme Council’s resolution to facilitate cross-border data sharing.
– Both organizations exchanged expertise on digital transformation, credit evaluation models, and data solutions to strengthen mutual cooperation.
– The initiative aims to enhance financial integration, transparency, and trust among GCC markets while improving credit environments.
– CINET and SIMAH reaffirmed their commitment to ongoing coordination and developing joint GCC initiatives for a unified credit market.
A significant step toward financial integration across the Gulf Cooperation Council (GCC) has been taken as the Kuwait Credit Information Network Company (CINET) and the Saudi Credit Bureau (SIMAH) solidified their partnership. This collaboration is designed to enhance the exchange of credit information and promote greater transparency throughout the region. The initiative directly supports the GCC Supreme Council’s resolution to establish a unified framework for sharing credit data among member states, aiming to build a more robust and interconnected financial market.
During an official visit by CINET to SIMAH’s headquarters in Riyadh, leaders from both organizations explored avenues for cooperation. They reviewed industry best practices and discussed the technical and regulatory foundations needed to activate the GCC credit information exchange project. These efforts are expected to improve credit environments, support economic integration, and increase trust among financial institutions and consumers across Gulf markets.
Key areas of discussion included digital transformation projects, advanced credit evaluation models, and innovative data solutions. Both parties emphasized the importance of strong governance, reliable data protection measures, and maintaining high-quality credit information. Strengthening regional partnerships in these areas is seen as vital for creating a seamless credit ecosystem.
Alia B. AlHumaidhi, Chairperson of CINET, remarked, “Our engagement with SIMAH represents a pivotal move in advancing Gulf-wide collaboration within the credit information sector. We are convinced that secure cross-border connectivity and the sharing of critical insights between GCC credit bureaus are essential for boosting financial market efficiency and reinforcing lender confidence. We anticipate ongoing cooperation that fosters credit transparency and keeps pace with our region’s rapidly evolving digital framework.”
Echoing this sentiment, SIMAH’s Chief Executive Officer, Sultan Alqudiry, stated, “We were delighted to host our colleagues from CINET. This visit highlights the strategic value of the credit information industry as a cornerstone of trust and a facilitator of sound financial decision-making. The deepening cooperation among GCC credit bureaus marks considerable progress toward a unified and transparent credit environment, which aligns perfectly with our collective vision for sustainable economic growth.”
In wrapping up the visit, both organizations reaffirmed their dedication to continuous coordination. They pledged to develop joint GCC initiatives focused on creating a unified credit market equipped to handle future challenges. This market will prioritize operational efficiency, data reliability, and the integration of advanced technology.
CINET operates as Kuwait’s primary and leading provider of credit information and scoring services. The company delivers inquiry, scoring, and credit reporting through innovative methods while adhering to the highest standards of professionalism and trust. Its activities contribute significantly to strengthening the national credit system, advancing credit culture, and building confidence among all participants in the credit community.
The Central Bank of Kuwait exercises control and supervision over the operations of the Kuwait Credit Information Network Company. The exchange of credit information is governed by Law No. 9 of 2019 and its accompanying executive regulations.
For additional details, you can contact the Kuwait Credit Information Network Company (CINET) at their office located on the 35th floor of Capital Tower, Al Mirqab – Othman Bin Affan Street. They can be reached by telephone at +965 1800808 or through their official website, www.cinet.com.kw.
(Source: MEA Tech Watch)