Emcredit highlights importance of comprehensive credit information at MEFX

Organised by Dubai International Financial Centre in association with Dubai World Trade Centre, MEFX brings together professionals from financial technology companies and service providers.

Delegates from different financial services backgrounds are expected to attend the inaugural MEFX, which is being held at the Dubai International Convention and Exhibition Centre from June 1-3, 2008.

Speaking on the sidelines of MEFX, Kamhawi said: "Credit information companies provide comprehensive and timely credit information, thus enabling financial institutions to make more informed decisions. The initial phase of establishing a robust credit reporting system calls for greater public-private partnership and awareness about its benefits for both lenders and consumers. As the UAE's economy continues to grow at unprecedented rate, credit information services will become increasingly important for the country's financial sector infrastructure."

Kamhawi also underlined the importance of non-traditional data in assessing risks and the need for streamlining application processing with the aid of credit bureaus. Non-traditional data includes payment history of utilities, telephones bills, apartment rentals and insurance payments.

He added: "Non-traditional data allows lenders to assess customers who are not already in the credit system. Global studies have shown that the benefits of information sharing and multiple sources of information are significant, and lead to improved loan performance."

Kamhawi also presented the "Application Processing" solution to an audience from the regional banking and finance industry. With this solution, banks can automate the laborious process of verifying and processing applications through credit information companies. Application Processing replaces manual referrals by efficiently utilising automated assessments through credit bureau data.

Industry experts addressed a range of critical topics within the region's evolving financial services community at the summit. Kamhawi made a presentation today titled "The essence of credit - the role of credit bureau in developing economies."