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GCC-wide Credit Reference Bureau link by early 2016

March 29, 2015
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MANAMA: In a move to integrate the data base of the corporate institutions, the GCC Credit Reference Bureau will be linked by early next year making possible for banks and financial institutions to share the corporate clients information across the region, according to a to a senior banker.

“In phase one the data base of corporate clients will be made available on a common platform of CRBs across GCC and at later stage the same will be extended to the individual clients,” Abdulwahid A Janahi, CEO BENEFIT Company on the sidelines of the AGM told The24X7NewsBahrain (www.twentyfoursevennews.com).

The move, Janahi, said will help the lending institutions to measure the risk factors by using this readily available data from across the region.

With a key aim on implementing the new corporate strategy and direction for the Company, 2014 concluded by being a notably successful year for the BENEFIT Company.

BENEFIT’s consolidated operating profit increased by 12% to BD2.7million in 2014, in comparison to BD2.4million in 2013. The consolidated net profit showed a growth of 12% in 2014 to reach BD2.8million compared to BD2.5million in 2013.

In 2014, the Company’s Board and Management have defined and implemented essential strategic initiatives as part of BENEFIT’s strategic direction for the coming three years; with the aim of widening BENEFIT’s role and objective to provide value added services to the entire Kingdom. The Company’s strategic initiatives for 2014 were focused on the Corporate and Insurance Credit Reference Bureaus, GCC POS service, Electronic Fund Transfer Service (EFTS), Electronic bill Payment and Presentment (EBPP), Mobile Payment and expanding with an International scheme (JCB).

“These initiatives were part of the three main pillars that will shape BENEFIT and its services in the coming years. The pillars are Connecting Financial Transactions, Customer Information Segment and Business Outsourcing. The goal of the strategy is to boost the financial services and payments in Bahrain’s financial industry to the highest standards which, in turn will reflect on the overall economy.

“Additionally in 2014, BENEFIT has in cooperation with the Central Bank of Bahrain (CBB) and its member banks of the Gulf Corporation Council successfully launched the GCC Point of Sale (POS) in May 2014 with three countries, i.e. Qatar, Kuwait and Bahrain.
“The Corporate Credit Reference Bureau went live successfully in January 2014 with around 42 members. The Company has also successfully introduced in July 2014 with the telecom companies the mobile payments as an extension to the National Payment Gateway (PG). The Company has also started the implementation of the main strategic initiatives services such as the EFTS and EBBP in March 2014, and expected to go live in August 2015 with more than 30 members. ENEFIT has reduced the ATM transaction fees on the banks, and as a result, this lead to 50% discount on the end user.

The Company undergoes a series of regular business continuity practices during the year, to ensure services are operating during a crisis. Overall, 2014 was another successful year for BENEFIT and critical as the company started the implementation of the approved three years Strategic direction.”

“During 2015 BENEFIT shall continue to focus on implementing its strategic initiatives. BENEFIT shall further examine a number of its strategic services to draw a clear roadmap for the services scope and implementation plan. Such services include the ATM and POS Wholesale outsourcing services, Credit Reference Bureau (CRB) for Insurance, and Risk Management Reporting. This is in addition to maintaining and improving its current services and products. The Company is committed to provide the Kingdom of Bahrain and its stakeholders with services that enhance Bahrain banking community in terms of efficiency and productivity,” he added.

Tags: BENEFIT CoGCC Credit Reference Bureau
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