Ci-Net Kuwait selects D&B to develop credit bureau project

April 22, 2013 - Kuwait Times

The Credit Information Network of Kuwait (Ci-Net) has appointed Dun and Bradstreet to develop and implement a new credit bureau system according to the international standards. 

Ci-Net's vision is to progressively develop the bureau so it becomes an economic information center, which draws upon the analytical insights of all the fundamental economic sectors. 

The Bureau will be designed to support the growth of credit in the State of Kuwait, relying on customer data and risk-based methodologies. This will enable more individuals, banks and companies to access credit easily. On the other hand, banks and financial institutions will get advanced credit reports and scoring that are easy to use and understand. 

Ci-Net's Chairperson Mrs. Hana Al-Razzouqi said, "This critical project will make Kuwait credit bureau one of the most advanced credit bureaus in the region with the most advanced functionality for such systems." 

Dun & Bradstreet has been awarded the contract to implement the Ci-Net system through a tender process that involved key solution providers of Credit Bureau implementation services. 

From supply and system implementation to consultancy, maintenance and support, D&B will be fully in charge of implementing the Ci-Net's system over the duration of 12 months. "

We look forward to build a strong bureau with robust technology and international best practices in Kuwait," said Miguel Llenas, Executive Vice President, Dun & Bradstreet South Asia Middle East Ltd.

While Ci-Net will gain access to the advanced technology and international best practices through D&B, this move will help D&B expand within the GCC and Middle East banking sector, especially with their existing footprint in the MENA Region via bureau partnerships with Central Banks of Oman, Qatar, Libya, Egypt, among others.