Creditinfo Group wins contract with Central Bank of Oman for the Implementation & Support of Oman Credit Bureau “OCB”
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.
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.
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The Housing Finance Company in Kenya have introduced mobile lending this summer and chose to use Creditinfo’s Instant Decisions as the one and only decision-making tool. They chose an in-house installation back in June and then, after several weeks of consultancy and strategy design project, we have come together with the customer to the point where we have a very complex strategy with 3 different Credit Limit Allocation matrices, matching competition’s limit and limit allocation as a function of previously received loans. After successful pilot in July, August they opened it for a wider population, and just recently, in November, to the entire Kenyan population, through all channels – iOS, Android and USSD – and they had a big marketing campaign for USSD customers that had its apogees last week, starting November 18th 2018.
This is a great success story of what Creditinfo can do in terms of decision analytics, backed up by a strong, yet extremely flexible, technical tool such as Instant Decisions!
Creditinfo from data provider to trusted industry leaders; a case study from Guyana
Ben Riley, Global Consultant Creditinfo and David Falconer, Sales Manager Creditinfo Guyana
In many ways the country of Guyana is unique. Considered part of the Caribbean region even though it is on the South American mainland. The only English speaking country in South America more interested in cricket than football. On the lowest population density countries on earth (just behind Iceland) but with 30% of that population residing in the capital city of Georgetown. However in the area of Credit, Guyana is proving again that a Creditinfo Credit Bureau can by the driving force behind market development and the opening up of affordable credit to all.
Indeed since the establishment of Creditinfo Guyana in 2013 the business and industry has changed almost beyond recognition. From a market environment where is was so challenging that it required the passing of legislation to legally mandate the use of credit reporting products in the financial sector, to the present day environment marked by an open, forward looking mind-set in which Creditinfo’s core portfolio and value-added products are a perfect fit for the needs of various industry sectors.
We are delighted to announce that in October 2018 Creditinfo Guyana was able to close multiple sales deals for 3 of Creditinfo’s value added products; Monitoring, Benchmarking and IFRS.
Creditinfo’s access to market data and demonstrated expertise drove the development of highly predictive ECL (Expected Credit Loss) models for IFRS-9 reporting and compliance, which has been bought by a selection of both large and small lenders. Indeed some of the larger banks who initially thought themselves quite capable of developing their own internal models are now turning to Creditinfo for assistance as they recognise that our IFRS models are the most accurate available.
Our Benchmarking Reports which capture market specific data on a variety of performance metrics has captivated most of the mainstream lenders in the financial sector and has already been sold to a few who lost no time in adding this formidable asset to their toolkit for gaining competitive advantage in this, small but fiercely contested market.
Our Monitoring Solution has recorded significant buy-in and sale in the financial sector and is expected to drive a more profitable hands-on approach to the management of individual loan portfolios. Simply by showing potential clients actual monitoring results we have found the sales process almost becomes easy.
These successes, which will deliver steady annual recurring revenues from the value-added products themselves, have the additional benefit of delivering significantly increased revenues from the use core Credit Bureau Reports as they help drive credit in the market. A double win if you like for Creditinfo. It is important to note that these sales are not driven by mandatory legal requirements but rather by the actual choices and preference of our subscribers responding to our sales efforts. We have driven market change in Guyana and are particularly proud of this.
Most importantly though is the extent to which Creditinfo is now interwoven in the very fabric of the Guyanese credit market itself. We have evolved from being a mere data collector and aggregator who is simply a vendor of legal mandated data driven credit reports. Creditinfo Guyana is now viewed as an active partner for Credit providers. Creditinfo’s expertise, experience, knowledge and unrivalled access to market data can positively affect the daily operations and profitability of our clients. Indeed we can positively impact the entire market through our introduction of innovative, realistic and modern solutions. Creditinfo Guyana is become the respected authority in Credit whom the banks and other providers turn to for assistance.
Internally we wish to share what we believe was a very significant factor that has brought about this positive change for Creditinfo Guyana; “One Creditinfo”.
The new, increased thrust of full support in product trainings, personal site visits, and not least of all the open-door attitude which has unlocked access to some of the more experienced thinkers and planners in the group has helped transform the efforts and the approach of the local office. The direct result – hard won as it were by logging endless hours, days, weeks and months of tireless sales presentations, marketing initiatives, public relations outreaches and some really innovative out-of-the-box thinking has been rewarded by sales in not one but three different value-added product categories.
As an international company, Creditinfo has first-hand experience in many different kinds of markets, each no doubt at different levels of development. By deploying the full strength of “one Creditinfo” we can play a leading role in the development of all our markets and position Creditinfo as the trusted authority in Credit Risk.
Each and every one of Creditinfo’s markets is unique in its own way. However Guyana has shown that by working together as One Creditinfo we can drive the development of the credit industry and position ourselves as trusted partners in the industry. This not only drives financial performance for Creditinfo but improves our strategic position greatly. Guyana has proven that this is possible; let us replicate this in all our markets.
Creditinfo Estonia – the oldest company in the Creditinfo Group – celebrates the 25th anniversary this year. Creditinfo Eesti AS was established in 1993 (operated under the name Krediidiinfo AS until December 2016). Many years’ experience has helped the company to become the largest and most professional Estonian supplier of credit information.
Creditinfo Estonia has been a loyal long-term partner to Estonian companies helping them to make smart and intelligent business decisions. Creditinfo Eesti AS is the Estonian market leader in the sector of information collection, processing and intermediation.
On 17th of October, Creditinfo Estonia celebrated its 25th anniversary with the clients in a client-conference: Creditinfo 2.0.43. Our goal was to look back to the eventful history, and to begin with the creation of a new version of Creditinfo Estonia for the next 25 years – Creditinfo, version 2.0.43!
The main topics of the conference covered the preview into the next years – possibilities of using alternative data solutions in credit ratings and cross-border data exchange, we talked about innovations and advances in data ecosystems and analytics. Additionally, we took a closer look into what is happening in the credit-industry in the world.
The conference was a perfect thank you gesture for all the clients, who are the roots of our success. Trust and loyalty from the clients give us the inspiration and courage to create innovative solutions impacting the business and social environment around us.
Creditinfo, the international credit information and risk management solutions’ provider, announces the acquisition of VisualDNA’s Credit and Risk business, a leader in the development and use of psychometrics and alternative data to assess behavioural risk in the consumer lending, insurance and retail sectors. Continue reading »
After an extensive selection process spanning over 2 years, Azerbaijani Credit Bureau Executive Committee members, representing 14 key financial and credit institutions in the country, announced the selection of Creditinfo as technical partner and majority shareholder to implement and operate the first credit bureau in the country.
Click here for this Press Release in French
Under the Aegis of the National Direction of BCEAO of Burkina, and in the presence of Professional Associations of Banks, Financial Institutions (ABPEF) and decentralized financial systems (APSFD) Burkina, a contract signing ceremony was held on 15th July 2016 between Credit Bureau (BIC) of the WAMU, Creditinfo Volo, and the 23 institutions subjected of Burkina, among them, 13 banks, 4 financial Institutions and 6 large-sized decentralized financial systems (cf. list in appendix). Continue reading »
On the last day iof May, our colleagues from Creditinfo Solutions successfully installed a Collateral Registry System to the testing environment of Iran Credit Scoring (ICS). In the following days of their trip to Tehran, the team reviewed the system with business and technical representatives of ICS discussing what should be adjusted in the up coming month, prior to an important presentation for the Banks takes place. From left to right are Mahdi (ICS), Hossein (ICS), Jarda, Petr, Karel, Mohammad (ICS), Martin and Mustafa (ICS).
Supreme Administrative Court of Lithuania ruled out a progress decision in Lithuania allowing to use social data, like Facebook, for creditworthiness. That decision is an important step forward easing the way to develope prediction scores based on Big Data.
After a number of year of cooperation, Creditinfo have developed a new version of the Scoring Model for PMA.