launching its products and services at the beginning of 2017
Bayan for credit information is preparing to launch its business in the trade and investment sectors at the beginning of the year 2017. It will provide new services in the Kingdom like risk measuring programs and implementations for business entities, link many important databases to the Saudi economy to collect and analyze data, then provide credible updated trade and credit information to the financial and credit decision maker.
The chairman of Bayan credit information Eng.Sohail Abanemi, the advisor of HE the minister of trade and investment stated that Bayan will provide all types of credit-related services and products, like business reports, intra-trade, receivables/payable ,credit banking and financial reports as well as smart credit risk management systems which will cover all the institutions and companies operating in Saudi Arabia and large class of international institutions and companies to serve commercial and industrial sectors.
Eng. Abanemi explained that Bayan aims to achieve its strategic objectives by adopting the highest operational efficiency standards and activating the principle of fair and strategic partnership with its clients and understand their needs to serve them around the clock in order to achieve clients’ satisfaction in short and long term by relying on the most efficient human and technical resources.
The chairman of Bayan credit information explains that the primary strategic objective is to create credibility and reliability in the Saudi business entities, especially SMEs, by disclose all types of credit and financial risks with full transparency and fairness, improve cash management in the business entities, facilitate internal and external trade by supporting exporters with necessary information, participate in restructuring the highest credit quality for business entities, in addition to enable the modern financial industry to start working in the Saudi economy, such as credit insurance, factoring, commercial guarantees and guarantees systems.
The company is currently working on the development of its systems, building broad databases, establish communication services with many government and private agencies, and also attract and recruit qualified young Saudi manpower.
It is worth mentioning that the "Bayan" is the credit information company licensed by the Saudi Arabian Monetary Agency and was established in December 2015, under the decision of the Minister of trade and investment. It is a shareholding company with a capital of 100 million Saudi Riyals and owned by a group of strategic partners from government and private sectors: THIQAH company, Takamol Holding, Al Bilad bank, Inma Bank and Gulf International Bank.