January 2019

Credit Information Bureau of Sri Lanka strengthens financial infrastructure with Creditinfo Group

PRESS RELEASE

Credit Information Bureau of Sri Lanka (CRIB) and CreditInfo enter into strategic partnership to enhance its credit bureau services in the country.

COLUMBO, SRI LANKA, 25th January 2019 – Creditinfo Group, a leading provider of global credit information and fintech services, announced that it has entered into a strategic partnership with the Credit Information Bureau of Sri Lanka (CRIB) to provide and support a modern and enhanced credit bureau, specifically developed to strengthen the nation’s financial infrastructure.

Following an official tender process, Creditinfo was selected to provide CRIB with the technical software required to strengthen the country’s existing financial infrastructure, in line with changing trends and regulation within the global financial services sector. This includes the implementation of enhanced credit bureau solutions, automated risk management, and new credit scoring methods to develop an agile financial infrastructure.

The strategic partnership will also see Creditinfo collaborate with CRIB to offer world-class support, education, knowledge and resources to the country’s private and state-owned banks, and wider financial services providers. Alongside this knowledge sharing, the modernised and agile infrastructure, delivered by Creditinfo’s technical software, will be underpinned by new value-added services to provide the Sri Lankan financial services sector with visibility from the moment a loan application is made, right through to the final repayment.

The benefits of the partnership extend beyond the country’s financial institutions. The new credit bureau system will also provide businesses outside of the financial services sector, such as telecommunications and utilities with access to consumer credit and risk information; allowing businesses to identify which customers are credit-worthy, and those which may be likely to default on any credit payment plan. Ultimately, the partnership between CRIB and Creditinfo will enhance banking in Sri Lanka, support the growth of the local economy and raise the country’s global economic rating, creating new business opportunities within the global marketplace.

“Creditinfo’s advanced credit bureau solution is unique to the market and proven in its ability to help countries adapt their financial infrastructure in line with changes in the wider industry,” said Nandi Anthony, CEO, CRIB. “We believe this partnership will also support our objective of increasing financial inclusion and economic growth in our country. We look forward to starting the implementation and effecting long-term change, to the benefit of all citizens.”

“The strategic partnership between Creditinfo Group and CRIB creates a combined industry knowledge of almost half a century,” commented Stefano Stoppani, CEO, Creditinfo Group. “Through this strategic partnership, we are committed to supporting the country in transforming its financial infrastructure through the innovative use of technology. We’re confident and committed to supporting CRIB in achieving its financial inclusion goals and commend its forward-thinking approach to an ever-changing sector.”

About Creditinfo

Established in 1997 and headquartered in Reykjavík, Iceland, Creditinfo is a provider of credit information and risk management solutions worldwide. As one of the fastest growing companies in its field, Creditinfo facilitates access to finance, through intelligent information, software and analytics solutions.

With more than 33 credit bureaus running today, Creditinfo has the largest global presence in the field of credit risk management, with a significantly greater footprint than competitors. For decades it has provided business information, risk management and credit bureau solutions to some of the largest, lenders, governments and central banks globally – all with the aim of increasing financial inclusion and generating economic growth by allowing credit access for SMEs and individuals.

For more information, please visit www.creditinfo.com

About Credit Information Bureau of Sri Lanka

Credit Information Bureau of Sri Lanka (CRIB) established in 1990 was the first Credit Bureau in South Asia. CRIB, a full-file credit bureau which provides both positive and negative credit information since its inception to all regulated member lending institutions, covers 40% of the country’s adult population in its data base presently. CRIB is a private-public partnership and a an independent statutory body by law, which issues more than 40,000 credit reports to its membership on daily basis.

For more information, please visit www.crib.lk

Media Contacts:

Suraj Mashru

Babel PR for Creditinfo Group Suraj@Babelpr.com

+44 (0)207 199 3977

New insurance claims database launched in Iceland

As of January 15 2019, the four Icelandic general (non-life) insurance companies will start using a new claims database for the Icelandic Financial Services Association (SFF) run by Creditinfo. The database will be used to counter organized insurance fraud, as it has been on the increase in relation to organized crime. According to a statement by the Icelandic Police, these groups seem to have found a loop hole in insurance fraud cases in Iceland.

It is estimated that insurance fraud in Iceland can amount to billions of Krónur a year. Such instances of fraud lead to unequivocally higher expenses for the insurance companies’, and this is passed on to the public, who therefore get indirectly harmed by insurance fraud. Among the key things that can be seen in the claims base is whether the same damage has been paid out by more than one insurance company.

Information contained in the claims base is included in the updated policyholder’s terms. The claims base will record the claim reported to the insurance companies that are members of the Financial Services Association (SFF), with the exception of damages covered by life and health insurance. SFF is the operator and controller of the claims base, and Creditinfo has been hired to be the processor of the database with authority from the Data Protection Authority. The insurance companies’ customers can access information from the claims database on My Creditinfo – mitt.creditinfo.is

Creditinfo combats Synthetic Identity Fraud for the Kenyan mobile lending market

PRESS RELEASE

According to a recent article by Mckinsey, many fraudsters are now using fictitious, synthetic IDs to draw credit. Applying for credit using a combination of real and fake, or sometimes entirely fake, information creates synthetic IDs. The act of applying for credit automatically creates a credit file at the bureau in the name of the synthetic ID, so a fraudster can now set up accounts in this name and begin to build credit.

Creditinfo has however started to combat this act of fraud in the Kenyan mobile lending space with a new Integrated anti-fraud solution, which uses advanced analytics. “The credit bureau already contains significant data which can be used to highlight potential fraudulent applications, this solution is integrated to the Instant Decision Solution which is used by many mobile lenders to optimize the lending accept-reject and limit allocation”, said Dmitry Batygin, Product Manager at Creditinfo Solutions .

Major mobile lender in Kenya making thousands requests a day said, “We started observing positive results seconds after the introduction and implementation of this check. We look forward to other rules that might be comparably powerful for our decision-making”.

Read more on the article here: 

https://www.mckinsey.com/business-functions/risk/our-insights/fighting-back-against-synthetic-identity-fraud

Creditinfo Group wins contract with Central Bank of Oman for the Implementation & Support of Oman Credit Bureau “OCB”

PRESS RELEASE

Creditinfo joins forces with Central Bank of Oman (CBO) to implement a world class Credit Bureau in the Sultanate

London, 10th January 2019 – Creditinfo Group, the leading global credit information and fintech services provider, today announced a new strategic partnership with the Central Bank of Oman (CBO). As part of the contract, Creditinfo Group will offer a full range of products to support the development, roll-out and management of a sophisticated and scalable credit registry system, including a modular credit reporting system with a roadmap of value-added products.

This announcement marks another significant milestone for Creditinfo, which is a world leader in providing intelligent information in mature and emerging markets. The contract with CBO will ensure that The Sultanate has the leading credit bureau in the region, with capabilities and facilities that extend far beyond those of a traditional credit bureau.

The new Bureau will be processing 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,” commented 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.”

“The signing of this agreement between Central Bank of Oman and Creditinfo, a World-Class Credit Bureau & FinTech Analytics Provider- is part of CBO 2019-2021 strategy which is aligned with the National Program for Economicical Diversification. OCB once launched will become a national one-stop-shop for credit and financial information in the Sultante Said His Excellency Tahir bin Salim Al Amri, Executive President, at Central Bank of Oman.

 

About Creditinfo

Established in 1997 and headquartered in Reykjavík, Iceland, Creditinfo is a provider of credit information and risk management solutions worldwide. As one of the fastest growing companies in its field, Creditinfo facilitates access to finance, through intelligent information, software and analytics solutions.

With more than 33 credit bureaus running today, Creditinfo has the largest global presence in the field of credit risk management, with a significantly greater footprint than competitors. For decades it has provided business information, risk management and credit bureau solutions to some of the largest, lenders, governments and central banks globally – all with the aim of increasing financial inclusion and generating economic growth by allowing credit access for SMEs and individuals.

About Central Bank of Oman

Central Bank of Oman (CBO) is the regulatory authority for all licensed banks operating within the Sultanate of Oman and for those commercial banks incorporated in the Sultanate with operations extending to countries outside of the Sultanate.

Media Contacts:

Suraj Mashru

Babel PR for Creditinfo Group

Suraj@Babelpr.com

+44 (0)207 199 3977