A borderless financial system has been launched in the UAE

In the UAE, major changes for credit history and the expat loan process have been announced. Today, expats are able to take advantage of a borderless financial system using a Credit Passport. This document shows the home country credit history of the individual to the UAE financial institutions.

A new strategic collaboration between Al Etihad Credit Bureau (ACB) and Nova Credit allows expats to use their home country credit history to obtain financial services in the UAE. Institutions will now have access to the loan history of new expats in the UAE as part of the credit application process.

UAE expats from a range of states including Philippines, India, The United Kingdom and more can apply for the new Credit Passport.

The main advantage of the initiative is the ability to access standardized foreign credit data from multiple bureaus around the globe in real-time. The cross-border credit collaboration will facilitate large-scale application approvals by financial institutions and lenders in real time, as part of credit applications.

As Marwan Ahmad Lutfi, CEO of AECB, said, AECB is one of the first federal entities in the region to provide cross-border credit solutions. The organization creates value for individuals, government entities, lenders, the public and businesses, due to key collaborations with international bureaus. In doing so, the company creates a positive social effect in accordance with the UAE vision to become the center of a boundless global economy.

In the future, the UAE plans to expand the global presence of the Credit Passport in order to provide consumers around the world access to credit reports without any restrictions.

Transparent access to customer data and a comprehensive view of creditworthiness across borders play an important role in the UAE market, where many expats seek to take advantage of their home market credit history. Advanced scorecard models will help enhance productivity and ensure seamless access to credit and banking services for all expats entering the country.