CINET launches credit information exchange with Bahrain's BENEFIT

Zawya

05-02-2025

Kuwait: Kuwait Credit Information Network Company (CINET) launched the credit information exchange with the Bahrain Credit Reference Bureau, operated by the BENEFIT Company, 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 cooperation among Gulf countries by establishing a structured and secure framework for institutional connectivity and data exchange. 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 under the GCC Unified Banking Supervision Standards, including Article 34 (Exchange of Credit Information) and Article 51 (Credit Information Centers).
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.
Mrs. Mai B. Al-Owaish, CEO of CINET, emphasized the importance of this step, stating: '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.'
Al-Owaish added: '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.'
For her part, Ms. Hessa Husain, Assistant General Manager at BENEFIT, stating: '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. 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.'
CINET remains the leading and only provider of credit information and credit scoring services in the State of Kuwait, continuously working to develop strategic partnerships that enhance transparency, financial stability, and access to credit information across the region. This agreement marks another milestone in CINET's efforts to advance financial cooperation, laying the foundation for future collaborations that will further integrate the region's financial networks.
About CINET
Kuwait Credit Information Network (CINET) seeks to provide inquiry services, credit score, and credit information in an innovative manner and with the highest levels of professionalism and trustworthiness. The company contributes to strengthening the credit system, improving the credit culture, and raising the degree of trust among clients in the credit community.
The activities of the Kuwait Credit Information Network Company are subject to the control and supervision of the Central Bank of Kuwait.
Law No. 9 of 2019 regulates the exchange of credit information.
Executive regulations of Law No. 9 of 2019.
For more information:
Kuwait Credit Information Network Company
Al Mirqab - Othman Bin Affan Street - Capital Tower - Floor: 35
Website: www.cinet.com.kw.
About BENEFIT
Established in 1997 by 17 commercial banks, The BENEFIT Company serves as Bahrain's national ATM and Point of Sale switch, facilitating electronic financial transactions across the country. Licensed by the Central Bank of Bahrain, BENEFIT is a Bahrain's innovator and leading company in Fintech and electronic financial transactions service, provides ancillary services to the financial sector, including the Bahrain Credit Reference Bureau, electronic funds transfer systems, and the BenefitPay mobile payment platform. Committed to shaping the future of society through innovative digital solutions, BENEFIT continues to inspire and energize individuals, institutions, and society by offering cutting-edge business and lifestyle services essential to everyday life.