The Kuwait Credit Information Network Company (CiNet) has launched a credit information exchange with the Bahrain Credit Information Center, managed by Benefit Co.  in the Kingdom of Bahrain.
This initiative is in response to the Gulf Cooperation Council’s Supreme Council decision allowing the exchange of credit information among Gulf states. The signing ceremony took place at CiNet’s headquarters in Kuwait, attended by senior representatives from both organizations.
This launch represents an important step towards enhancing financial cooperation among Gulf Cooperation Council (GCC) countries by establishing an organized and secure mechanism for institutional connectivity and data exchange. This connectivity enables financial institutions in Kuwait and Bahrain to access credit data in real-time and directly, allowing for informed lending decisions, reducing credit risks, and strengthening overall financial stability.
These efforts are aligned with the directives of the Financial and Economic Cooperation Committee of the GCC, according to the guidelines for unified banking supervision, including Article 34 regarding the exchange of credit information and Article 51 concerning credit information centers.
CiNet’s CEO, Mai Al-Owaish, emphasized the significance of this step: “This launch enhances the vital role of credit information in the current financial landscape. It enables instant access to accurate, comprehensive, and reliable data exchanged between the two countries, which serves as a fundamental pillar for improving the efficiency of financial operations and expanding credit facilities across different markets. Through this collaboration, we are committed to creating a more flexible and transparent financial system that benefits individuals, businesses, and financial institutions alike.”
Al-Owaish added, “Our partnership with Bennett is a key step in CiNet’s strategy aimed at expanding regional cooperation. As the GCC accelerates its efforts towards achieving comprehensive economic integration, these initiatives highlight their crucial role in developing financial infrastructure and promoting an interconnected and dynamic credit market that meets future aspirations.”
For her part, Hissa Hussein, Assistant General Director of the Bahrain Credit Information Center (Benefit), stated, “This promising collaboration is an important step in efforts to enhance financial inclusion among the GCC countries. By facilitating the seamless and secure exchange of credit information between Bahrain and Kuwait, we help financial institutions make informed decisions, mitigate risks, and contribute to building a stronger and more resilient financial system. We look forward to solidifying cooperation and enhancing regional partnerships that effectively promote innovation and achieve financial stability across the region.”