Al Etihad Credit Bureau partners with Nova Credit to accelerate cross-border credit access
By Leandra Monteiro
Al Etihad Credit Bureau (AECB), a company that provides information and analytics to support credit decisions, has announced a strategic collaboration with Nova Credit, a consumer-permissioned credit bureau, to enable newcomers to leverage their home country credit history when applying for financial services upon arrival to the UAE.
The collaboration facilitates real-time, large-scale application approvals by enabling AECB subscribers, namely UAE-based local and international financial institutions and lenders, access to translated credit history of new UAE expatriates, upon their approval as part of credit applications.
The initiative reiterates AECB’s commitment to enhancing the UAE financial ecosystem as the first institution in the GCC with the capability to provide real-time access to standardized foreign credit data from multiple bureaus around the world.
Marwan Ahmad Lutfi, CEO of Al Etihad Credit Bureau, said, “AECB is proud to be among the region’s first federal entities to provide cross-border credit solutions, creating value for lenders, individuals, businesses, government entities, and the public through key collaborations with international bureaus. As we continue to introduce cutting edge products to our customers, we reiterate our commitment to creating a positive social impact, in line with the UAE’s vision of becoming the epicentre of a borderless global economy.”
“Building a borderless financial system has been our guiding vision since our inception and by bringing the Credit Passport® to new parts of the world we are one step closer to making this a reality,” said Misha Esipov, Co-Founder and CEO of Nova Credit. “With this collaboration, AECB will be able to better support the thousands of newcomers to the UAE every year seeking access to the financial services they need to get started and thrive in their new home.”
“Today’s consumers deserve the ability to take ownership of their financial data and not be locked out of accessing basic services due to the siloed characteristic of our global credit reporting system,” said Collin Galster, VP of International at Nova Credit. “We are looking forward to taking this next step with AECB and expanding the global footprint of Credit Passport® so consumers around the world can experience borderless credit reporting.”
Credit Passport® powered by Nova Credit is now available for AECB subscribers to support credit applications with history in countries including India, the Philippines, the United Kingdom, with other countries to follow in the near future.
IBSi Daily News Analysis
June 02, 2023
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