Qatar Credit Bureau launches strategy to achieve healthy and sustainable credit environment

Posted by Admin December 22, 2024 World

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The Qatar Credit Bureau (CB) has announced the launch of its five-year strategy aimed at enhancing and advancing its services to keep abreast with global changes. The strategy seeks to create a healthy and sustainable credit environment that fosters trust in the State of Qatar’s credit sector.

The strategy aims to expand the Qatar Credit Bureau’s credit database by including new sectors. Currently, the database encompasses 32 sectors, such as banks, finance companies, telecom companies, and automotive companies. It will now be expanded to include insurance companies, increasing the total number of regulated sectors.

The bureau stated that its five-year strategy will leverage big data and artificial intelligence technologies to develop innovative products. These products will help credit providers make more accurate credit decisions, fostering greater transparency and mitigating credit risks.

The bureau also reaffirmed its commitment to raising public awareness about the importance of maintaining a good credit record. Through its awareness initiatives, the bureau aims to guide individuals toward improved financial management and achieve financial stability that benefits all.

These initiatives align with the Qatar National Vision 2030, which aims to build a strong and sustainable economy and reinforce Qatars position in the global economic arena.

This expansion will provide a comprehensive and accurate picture of the countrys credit landscape, enabling credit providers to confidently offer their services to customers with a clearer understanding of risk levels and market-specific offers.

As part of the bureau’s steps towards digital transformation, the focus will be on enhancing the electronic services portal and mobile applications. This will make it easier for customers to access the bureaus services quickly and conveniently, 24/7.

This shift aligns with the bureau’s commitment to delivering modern services that support the Third Financial Sector Strategy and Qatar National Vision 2030. Both initiatives aim to achieve comprehensive technological advancements that meet beneficiaries’ needs and support sustainable economic development. (