As consumer credit becomes a part of daily life in the GCC economy, the implementation of a sound credit system is vital to reduce the vast number of bounced checks issued in the region, according to the CEO of the Saudi Credit Bureau (SIMAH).
Nabil Al-Mubarak said the 2010 launch of Saudi Arabia’s Bouncing Check Registry System (BCRS) represents the cornerstone in reducing the value of bounced checks from SR15bn in 2009 to SR3.8bn in 2012.
The figures have been revealed as SIMAH prepares to host the upcoming 9th World Consumer Credit Reporting Conference in Dubai, where the regional and global challenges facing the credit reporting industry will be placed under the spotlight and analysed by internationally recognised financial leaders.
Running from 20-21 October 2014 at the Grand Hyatt Hotel, Dubai, the Conference will open with a keynote speech by H.E. Dr Abdulrahman Al Hamidy, Director General and Chairman of the Board of the Arab Monetary Fund who will discuss the short-term outlook for the world economy and its impact on credit and credit reporting.
Cybersecurity, the number one issue for companies initiating programmes and practices to prevent hackers from accessing databases will also be addressed by Tom Ilude from Crossword Security. Other topics on the opening day include the progress of credit reporting infrastructure in the GCC, led by a panel of GCC experts, and a discussion on the World Bank Credit Bureau Principles and their future impact by Tony Lythgoe, Principal Financial Specialist & Head, Financial Infrastructure at the International Finance Corporation.
“We are honoured to be hosting the 9th edition of this respected event which has become a must-attend conference in the credit reporting industry,” said Al-Mubarak. “The Saudi credit market has witnessed great strides in recent years, and I know my colleagues and peers throughout the Middle East have been especially keen for an event of this calibre to be hosted here. Dubai is the ideal meeting point for an event of this scale. I am looking forward to addressing delegates on the second day of presentations to discuss the Basel II and III capital requirements which will drive future consumer lending. The credit bureaus’ data and risk assessment products will be even more critical to lenders and I expect to open up a lively dialogue on this topic with my co-presenter Neil Reid from Olliver Wyman and our associates in the audience,” he added.
Registration for delegates opens on Sunday 19 October, followed by a private VIP gala dinner for attendees at The Armani Hotel. A dedicated exhibition will run alongside the conference, providing a platform for credit reporting organisations to showcase their work to peers and associates.
Elected by the Association of Consumer Credit Information Suppliers and the Consumer Data Industry Association, SIMAH is hosting the 9th World Consumer Credit Reporting Conference with the support of Al Etihad Credit Bureau, Qatar Credit Bureau and The Benefit Company. The conference is sponsored by Qarar, CRIF, Veda@SIMAH, MicroBilt Corporation, AJIL Financial Services Company, MasterCard, CallCredit, FICO, the Joint Credit Information Center, TransUnion and official airline Emirates Airways.
The 8th edition in 2012 was held in Taipei, Taiwan, organised by the Joint Credit Information Center, while the venue for the 2016 conference will be revealed on the final day in Dubai. More information on the conference can be found at www.wccrc2014.com.