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Sat 12 Jan 2019 01:05 AM

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Oman Central Bank signs deal to set up credit bureau

Creditinfo Group wins contract to develop, roll-out and manage a credit registry system in sultanate

Oman Central Bank signs deal to set up credit bureau
Plans have been announced to set up a credit bureau in Oman.

Plans have been announced to set up a credit bureau in Oman following a deal signed between the country's central bank and Creditinfo Group.

The global credit information and fintech services provider said it has inked a partnership with the Central Bank of Oman to support the development, roll-out and management of a credit registry system.

A credit bureau is an organisation providing information on individuals' borrowing and bill-paying habits.

It said the contract with CBO will create a credit bureau too process credit data sourced from both banks and non-banking entities like providers of leasing finance, SME sector lenders, insurance companies, telecommunication companies, utilities and government data.

“We are thrilled to start this new adventure with the Central Bank of Oman and provide the full potential of intelligent information, software and analytics solutions to this project,” said Stefano Stoppani, CEO at Creditinfo.

“Backed by international know-how and local market support, the infrastructure we will deliver will set a high bar in the Omani market and the Gulf Region. We look forward to working with CBO, and to deliver these capabilities to our financial services clients globally.”

Tahir bin Salim Al Amri, executive president Central Bank of Oman, added: “Oman Credit Bureau once launched will become a national one-stop-shop for credit and financial information in the sultanate.”

Established in 1997 and headquartered in Reykjavík, Iceland, Creditinfo runs more than 30 credit bureaus.

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