Bahrain’s innovator and leading company in Fintech and electronic financial transactions service BENEFIT has signed an agreement with Kuwait Credit Information Network Company (Cinet) for the launch of the credit information exchange to facilitate commercial credit inquiries between Kuwait and Bahrain. 

 

This step comes in line with the GCC Supreme Council decision approving the exchange of credit information between GCC member states. 

 

The agreement was signed during a ceremony held at CINET’s headquarters in Kuwait in the presence of senior representatives from both institutions.

 

The launch marks a significant milestone towards enhancing financial co-operation among Gulf countries by establishing a structured and secure framework for institutional connectivity and data exchange, said the statement from BENEFIT. 

 

Moreover, it provides financial institutions in both markets with real-time access to credit information, enabling them to make informed decisions on lending and credit facilities while helping to mitigate risks and strengthen overall financial stability. 

 

It also aligns with the directives of the GCC Financial and Economic Cooperation Committee and adheres to key regulatory guidelines.

 

In addition to strengthening financial stability, the collaboration between CINET and BENEFIT supports innovation within the credit information sector by facilitating the exchange of institutional expertise and best practices. 

 

As part of this agreement, both organizations will work through standardized processes for requesting, analyzing, and sharing credit information in a secure and efficient manner.

 

Hessa Husain, the Assistant General Manager at BENEFIT, said: "This promising collaboration is an important step in the efforts to develop financial inclusion among the GCC countries. By facilitating secure exchange of credit information between Bahrain and Kuwait, we are helping financial institutions make informed decisions, reduce risks, and contribute to building a more robust and resilient financial system."

 

BENEFIT, she stated, remains the leading and only provider of credit information and credit scoring services in the Kingdom of Bahrain, continuously working to develop strategic partnerships that enhance transparency, financial stability, and access to credit information across the region.

 

"We look forward to strengthening the cooperation and enhancing regional partnerships that play an active role in encouraging innovation and achieving financial stability across the region," she added.

 

Mai B. Al-Owaish, the CEO of Cinet, said: "This launch underscores the vital role of credit information in today’s financial landscape. Enabling real-time access to accurate, comprehensive, and reliable data strengthens financing effectiveness and supports the expansion of credit facilities across various markets."

 

"Through this collaboration, we remain committed to building a more transparent and resilient financial system that benefits individuals, businesses, and financial institutions alike," she stated.

 

Al Owaish said: "Our partnership with BENEFIT aligns with CINET’s broader strategy to enhance regional cooperation by facilitating the seamless exchange of credit information. This launch builds on our existing collaboration with GCC countries and, as such, reinforces our commitment to regional financial and monetary integration."

 

"As the GCC advances toward deeper economic integration, such initiatives will play a crucial role in financial infrastructure development and fostering a more interconnected and dynamic credit market," she added.-TradeArabia News Service