Bahrain -  Benefit, Bahrain’s fintech leader, has signed a bilateral agreement with the Oman Credit and Financial Information Centre (Mala'a) to facilitate credit information exchange between Bahrain Credit Reference Bureau (BCRB) and Mala’a.

The agreement was signed by Abdulwahed AlJanahi, the CE of Benefit and Bassam Al-Jamali, General Manager of Mala'a.

This agreement is an extension of the scheme to further connect the GCC countries, which previously saw similar agreements signed with Saudi Arabia and Kuwait.

Ripple effect

AlJanahi said: “This move will benefit not only Bahrain and Oman, but also will have a ripple effect across the whole of GCC. We are all working towards the important and common goal of enhancing the credit information industry in the region. I can confirm that our rigorous studies of the credit market and the challenges and the opportunities that surround it are ongoing, and this agreement comes as a great milestone in this process.”

Al-Jamali said the agreement will enhance cooperation between the two sides and establish new links for communication and knowledge exchange, in addition to supporting the banking sector and improving the overall frameworks of credit and financial risk management.

The project to exchange credit information between the Gulf countries is in compliance with the decision of the Supreme Council of the Gulf Cooperation Council, issued at the Council's meeting in its thirty-seventh annual session in 2016. 

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