BENEFIT launches Credit Information Exchange with Kuwait's CINET
Email :
BENEFIT, Bahrain's innovator and leading company in Fintech and electronic financial transactions services, and Kuwait Credit Information Network Company (CINET) launched the credit information exchange to facilitate commercial credit inquiries between Kuwait and Bahrain. This step comes in line with the GCC Supreme Council's 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.
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.
For her part, Ms. Hessa Hussain, Assistant General Manager at BENEFIT, stated: 'This promising collaboration is an important step in the efforts to develop financial inclusion among the GCC countries. By facilitating the 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.'
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.'
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Biz Bahrain
4 days ago
- Biz Bahrain
AliExpress Revolutionizes the Online Shopping Experience with Electric Vehicles
AliExpress is pushing the boundaries of online shopping by enabling customers to purchase the latest electric vehicles (EVs) directly from their homes, marking a significant milestone for e-commerce globally. This unprecedented service will launch in June during the platform's Summer Sale, offering consumers an innovative way to embrace sustainable transportation. At the initial stage, the cars will only be sold to the UAE with the plan to expand to other GCC markets. The Ideal Fit Aligned with the UAE's Vision 2031, AliExpress will simplify the purchasing process for the latest brand-name EVs delivered from China. The UAE Vision 2031 seeks to position the nation as a leader across multiple sectors while enhancing the quality of life for its residents and ensuring sustainable development for future generations. This initiative serves as a perfect match for the country's aspirations, providing an accessible solution for consumers and promoting eco-conscious choices. By offering more affordable EVs, AliExpress is broadening the appeal of electric mobility across diverse demographic groups, benefiting all income brackets and contributing positively to the UAE's economy. Fueling the Future of Transportation The electric vehicle market in the UAE is witnessing significant growth, driven by government incentives and robust infrastructure investments. Currently, there are over 70,000 EVs in the UAE, and this number is expected to reach 100,000 by 2027. Residents are increasingly drawn to electric vehicles due to their environmental advantages, such as zero emissions and reduced air pollution, fostering a cleaner, healthier environment. Additionally, consumers appreciate the lower operating costs that EVs offer compared to traditional gasoline-powered vehicles. Transparency at Its Finest With AliExpress, purchasing the latest EV shipped from China has never been easier or more affordable. Through the platform's Big Save Channel, customers can conveniently select their desired model with AliExpress 15 years of e-commerce expertise. Once purchased, the electric vehicle will arrive via sea freight from China. This innovative approach is revolutionizing the way you shop for big-ticket items. Expect renowned brands like BYD, Geely, Jetour, and Toyota at significant savings, making these cutting-edge electric vehicles even more accessible to the Emirati consumer. The electric vehicle market in the United Arab Emirates is experiencing swift growth, driven by consumers' increasing demand for eco-friendly transportation, supportive government initiatives, and the establishment of a comprehensive charging infrastructure. Additionally, the country's commitment to sustainability has fostered a positive environment for electric vehicle adoption. In this dynamic landscape, AliExpress is stepping in to enhance accessibility by offering customers the ability to purchase the latest electric vehicles through its platform, further accelerating this shift toward sustainable mobility.
Daily Tribune
5 days ago
- Daily Tribune
Bahrain Showcases Pioneering Digital Transformation to Omani Delegation
The Information & eGovernment Authority (iGA) welcomed an official delegation from Oman's Foreign Ministry, led by Eng. Khalid bin Ghulam Al Zadjali, Head of the Digital Transformation Office. The visit aimed to explore Bahrain's forward-thinking digital transformation journey and foster GCC-wide knowledge exchange. Mr. Ali Abdulaziz Janahi, Deputy Chief Executive of Electronic Transformation at the iGA, received the delegation and highlighted the significance of such visits in reinforcing the historic and strategic ties between the Kingdom of Bahrain and the Sultanate of Oman. He lauded Oman's own strides in the digital space and emphasized the mutual benefits of sharing experiences and successful strategies. 'Bahrain's digital transformation is built on innovation, integration, and inclusivity,' Mr. Janahi noted, pointing to the Kingdom's efforts to develop a sustainable and citizen-centric digital ecosystem.
Daily Tribune
6 days ago
- Daily Tribune
Bahrain, Qatar Discuss Fast-Tracking 40KM Causeway
His Excellency Dr. Sheikh Abdullah bin Ahmed Al Khalifa, Minister of Transportation and Telecommunications, reaffirmed Bahrain's commitment to strengthening its historic ties and strategic developmental partnership with the State of Qatar. The focus is on enhancing cooperation in land, sea, and air connectivity, as well as logistics services, in line with the directives of His Majesty King Hamad bin Isa Al Khalifa, and His Highness Sheikh Tamim bin Hamad Al Thani, Emir of Qatar. This came during an official meeting at the Ministry headquarters with H.E. Sheikh Mohammed bin Abdullah bin Mohammed Al Thani, Qatar's Minister of Transport, and his accompanying delegation. The visit aimed to explore avenues for economic and investment collaboration and to exchange technical and operational expertise in areas such as land transport, railways, maritime navigation, and civil aviation. Dr. Al Khalifa emphasized Bahrain's pride in its growing partnership with Qatar under the royal vision and the government's guidance, led by His Royal Highness Prince Salman bin Hamad Al Khalifa, Crown Prince and Prime Minister. He highlighted the importance of strengthening regional integration in infrastructure and transportation, safeguarding maritime and air navigation, and supporting joint economic ventures within the GCC framework. Key developmental and strategic projects were discussed, including the 40-kilometer Bahrain-Qatar Causeway for land connectivity and a proposed joint maritime link. These initiatives aim to facilitate the movement of people, goods, and vehicles, promote trade and tourism exchange, boost supply chain efficiency, and attract investments in logistics, tourism, and industry. The projects are also expected to create new job opportunities and reinforce the socio-economic and cultural bonds between the two nations. The ministers also reviewed practical steps to accelerate the implementation of these connectivity projects, improve related infrastructure and logistics services, and establish joint working teams to ensure progress aligns with global best practices. They expressed hope that these strategic projects would contribute significantly to GCC economic integration, complementing the ongoing GCC railway project expected to be completed by 2030. Dr. Al Khalifa reaffirmed Bahrain's readiness to provide the necessary infrastructure for the success of land and maritime links and to further develop logistics services in alignment with Bahrain's Economic Vision 2030. He emphasized the importance of regional cooperation in achieving shared development goals. Qatar's Minister of Transport, H.E. Sheikh Mohammed Al Thani, expressed his country's pride in the strong fraternal ties with Bahrain and its keenness to expand cooperation in transportation, ports, logistics, and digital innovation. He underscored the importance of implementing joint development projects to support sustainable growth and Gulf-wide economic integration for the benefit of all regional peoples. At the end of the visit, both ministers toured maritime landmarks, including a boat trip to Bu Maher Fort and a visit to the Manama Post Museum, which showcases the evolution of postal and communication services in Bahrain and their role in regional and international exchange.
