UAE: Expatriates to receive "credit passports" as part of a new partnership

 UAE expatriates will soon be able to obtain "Credit Passports" thanks to a new partnership.

Tuesday saw the announcement of a strategic partnership between the top consumer-permission credit bureau in the world, Nova Credit, and Al Etihad Credit Bureau (AECB). The change will allow newcomers to use their credit history from their home country when applying for financial services once they arrive in the UAE.

For AECB users, Credit Passport is currently available to support credit applications with history in nations including India, the Philippines, and the United Kingdom, with other nations to follow soon.

According to Marwan Ahmad Lutfi, CEO of AECB, AECB is one of the first governmental organizations in the area to offer cross-border credit solutions, adding value for lenders, borrowers, companies, governments, and the general public through significant partnerships with foreign bureaus.

In keeping with the UAE's goal of being the epicenter of a borderless global economy, Lutfi stated, "We reiterate our commitment to generating a positive social impact, as we continue to introduce cutting-edge products to our clients.

The partnership enables AECB subscribers, particularly UAE-based local and international financial institutions and lenders, access to translated credit histories of new UAE expatriates following their approval as part of credit applications, facilitating real-time, mass application approvals.

Misha Esipov, Co-Founder and CEO of Nova Credit, said, "Creating a borderless financial system has been our guiding vision from our start, and by delivering the Credit Passport to additional parts of the world we are one step closer to making this a reality.

"With this partnership, AECB will be able to better help the thousands of immigrants to the UAE who seek out the financial services they require to get started and thrive in their new home each year," the statement reads.

As the first institution in the GCC with the ability to provide real-time access to standardized foreign credit data from numerous bureaus across the world, the AECB's most recent project will improve the UAE financial ecosystem.

According to Collin Galster, VP of International at Nova Credit, "Today's consumers need to be able to take ownership of their financial data and not be kept out of accessing fundamental services owing to the siloed aspect of our global credit reporting system.

We are eager to take this next step with AECB and broaden Credit Passport's global reach so that consumers everywhere can benefit from borderless credit reporting.