CRIF at the launching ceremony of Bayan Credit Bureau in Saudi Arabia
As the technology partner of Bayan, the leading business credit information provider specializing in local and international reporting and credit risk systems, CRIF developed the credit bureau platform as well as providing Bayan with business information and iTrade platforms.
Established in 2015, Bayan Credit Bureau is a joint stock company licensed by the Saudi Arabian Monetary Agency (SAMA), with a share capital of 100 million Saudi riyals.
More than 600 participants, among them ministries, representatives of banks and financial institutions, and CEOs of major companies operating in the Kingdom of Saudi Arabia, attended the ceremony held on November 16 in Riyadh, in which Dr. Majed Abdullah Al-Qassabi, the Minister of Commerce and Investment (MCI), officially launched Bayan Credit Bureau.
During the ceremony, Marco Preti, CRIF Managing Director, delivered a speech underlining how credit information sharing will facilitate the expansion of the domestic B2B market, and increase the access to credit for businesses and consumers. By improving the credit granting process and reducing default rates, it will also promote responsible decision-making and less discriminatory lending practices.
Bayan’s aim is to provide institutions and firms operating in the Kingdom of Saudi Arabia, as well as a large group of international institutions and companies, with all types of credit-related services and products, credit banking and financial reports, and smart credit risk management systems.