The Saudi Credit Bureau (SIMAH) and the Bahrain Electronic Network for Financial Transactions (BENEFIT) announced the start of the technical linkage of the credit information exchange initiative between Bahrain and Saudi Arabia.
This is following the decision of the Supreme Council of the Cooperation Council for the Arab States of the Gulf, which was adopted at the Council’s 37th session in 2016.
It necessitates the approval of credit information exchange between Arab Gulf states following the work plan, comprehensive framework, and method for simplifying credit information exchange across GCC governments.
The information link project among the Gulf countries aims to enhance transparency in financial transactions at the Gulf level.
It also strives to give financial tools that aid in the reduction of credit risks associated with any financial transaction involving any economic activity.
This measure is part of optimizing the credit information industry’s role in tightening control and supervision, boosting transparency, and supporting the GCC countries’ financial sector’s stability.
As the Gulf Interconnection Project aims to increase openness and learn more about the financial solvency of the business sector, the supervisory and supervisory authorities are looking for ways to do so.