| 08 Nov 2008 |
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Emcredit launches corporate background solution
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Enterprise Information Report offers verification of commercial entities
Available to financial institutions and companies
New report to aid business and partnership decisions
Enhances confidence of doing business in UAE
Dubai, November 8, 2008: Emcredit, the UAE's first private credit information services company, today announced the launch of a new information reporting tool that provides comprehensive business information for the verification of commercial entities registered in the UAE. The online solution, Enterprise Information Report (EIR), serves as a vital reference tool for assessing and validating the general, legal and background information of businesses. The new report aims to support business partnerships, promote transparency and boost confidence in day-to-day commercial decisions.
The EIR is available to financial institutions, small and medium-sized enterprises (SMEs), trade associations and other commercial entities that register with Emcredit. Banks and other financial institutions can check the authenticity of information provided by a prospective corporate customer before offering products, services or credit to them.
A wide range of information is provided in the EIR, including trade and licence data, legal constitution, penalties, company relationships with stakeholders, and other relevant historical and relevant information. The official launch of EIR coincides with the Business in Dubai conference, scheduled for November 10-11, 2008.
"Choosing potential partners, extending credit to companies, identifying vendors, proposing business deals - for all these decisions, it is important to verify the background of companies and their soundness. The EIR provides a convenient one-stop point for verifying such information," said Zaid Kamhawi, Chief Business Officer, Emcredit. "Cross-border trade is the engine of the UAE economy, and EIR will support such trade by empowering companies outside the UAE when selecting trade partners here. By helping companies make more informed decisions, EIR is crucial for doing business with greater confidence and ease."
Kamhawi added that EIR sources its information from government ministries, commercial registries and economic departments. This ensures the authenticity and timely updates of the report details.
Since its inception in 2006, Emcredit has signed several agreements with leading financial and non-financial institutions to enrich its database. Some of these include Citibank, Dubai Islamic Bank, Dubai Bank, Noor Islamic Bank, Amlak Finance, Better Homes as well as government departments such as Dubai e-Government, Dubai Police, Dubai Public Prosecution and an exclusive agreement with Dubai Land Department's Real Estate Regulatory Authority and UAE Ministry of Interior.
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About Emcredit:
Emcredit is the UAE's pioneer information services company. It provides a range of comprehensive, accurate and timely information solutions such as credit bureau services, cheque-honouring reports, business background reports and other risk assessment tools. Emcredit's decision support tools enable private and public entities to gain greater perspective into the risk profiles of individuals and companies, thereby empowering them to make more informed business decisions.
The company has a rich database on individuals and companies in the UAE, including 5.6 million consumer identification records, payment behaviour information on consumer and commercial borrowers and 35 per cent of mortgage data in the UAE. It has established data-sharing agreements with several government departments, to power its information solutions. These government entities include Dubai e-Government, Dubai Police, Department of Economic Development (DED), Dubai Land Department and its subsidiary, the Real Estate Regulatory Authority.
Emcredit is registered as a private entity and is based in the Dubai International Financial Centre (DIFC), which is regulated by the Dubai Financial Services Authority (DFSA). Emcredit operates in line with the DIFC's Data Protection Law.
Emcredit was incorporated in January 2006 under the directives of His Highness Sheikh Mohammed Bin Rashid Al Maktoum, UAE Vice President, Prime Minister and Ruler of Dubai. It is a fully owned subsidiary of the Department of Economic Development (DED), Government of Dubai.
For further information, please contact:
Sudha Hemmad / Gunjan Chaurasia / Nicholas Nesson
ASDA'A Public Relations
Tel: (971 4) 3344550
Fax: (971 4) 3344556
Email: s.hemmad@asdaa.com /g.chaurasia.@asdaa.com / n.nesson@asdaa.com
© Press Release 2008
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