As part of ongoing efforts to strengthen Gulf cooperation and exchange expertise in the field of credit information, the Kuwait Credit Information Network Company (CINET) conducted an official visit to the Saudi Credit Bureau (SIMAH) headquarters in Riyadh. The visit aimed to explore collaborative opportunities and review best practices in advancing the credit information industry at both national and regional levels. The visit comes as part of CINET’s broader efforts to expand regional partnerships and activate the GCC credit information exchange project through technical and regulatory infrastructures that comply with both GCC and international supervisory standards. This initiative is in line with the resolution adopted by the GCC Supreme Council during its 37th session, approving the exchange of credit information based on a comprehensive framework and action plan to facilitate such exchange across member states. The project seeks to reinforce financial and economic integration, enhance credit environments, promote transparency, and strengthen trust among GCC markets. In this context, both sides exchanged expertise on digital transformation initiatives, credit evaluation models, and advanced data solutions, as part of ongoing efforts to strengthen mutual cooperation. The discussions also highlighted efforts to strengthen regional partnerships and adopt best practices in governance, data protection, and credit information quality.
Commenting on this visit, Mrs. Alia B. AlHumaidhi, Chairperson of CINET, said:
“Our visit to SIMAH marks an important step in fostering Gulf wide collaboration in the credit information sector. At CINET, we firmly believe that secure, cross-border connectivity and the exchange of insights among GCC credit entities play a critical role in improving financial market efficiency and reinforcing lender confidence. We look forward to continued collaboration that supports credit transparency and aligns with the evolving digital landscape of our region.” SIMAH’s Chief Executive Officer, Mr. Sultan Alqudiry added:
“We are pleased to welcome our partners from CINET. This visit underscores the strategic importance of the credit information industry as a pillar of trust and enabler of financial decisions. The growing cooperation among GCC credit bureaus represents a significant step toward a unified and transparent credit ecosystem, aligned with our shared vision for sustainable economic development.”
Concluding the visit, both parties reaffirmed their commitment to ongoing coordination and the development of joint GCC initiatives aimed at establishing a unified credit market capable of meeting future challenges while upholding efficiency, reliability, and advanced technological integration.
- Ends –
About CINET Kuwait Credit Information Network Company (CINET) is the sole and leading provider of credit information and credit scoring services in the State of Kuwait. It offers inquiry, scoring, and credit information services in an innovative way and with the highest standards of professionalism and trustworthiness, contributing to the enhancement of the credit system, the advancement of credit culture, and the increase of trust among participants in the credit community.
The activities of the Kuwait Credit Information Network Company are subject to the control and supervision of the Central Bank of Kuwait.
Law No. 9 of 2019 regulates the exchange of credit information.
Executive regulations of Law No. 9 of 2019.
For more information:
Kuwait Credit Information Network Company (CINET)
Al Mirqab – Othman Bin Affan Street – Capital Tower – Floor: 35
Tel: +965 1800808
Website: www.cinet.com.kw
