The Qatar Credit Bureau (CB) has introduced its five-year strategy, focused on enhancing services to meet the evolving global trends.
The strategy aims to cultivate a thriving and sustainable credit environment that promotes trust in Qatar’s credit sector. In addition, it seeks to broaden the Qatar Credit Bureau’s credit database by incorporating new sectors.
Presently, the database covers 32 sectors including banks, finance companies, telecom companies, and automotive companies. This will be expanded to include insurance companies, boosting the total number of regulated sectors.
As part of this plan, the bureau will harness big data and artificial intelligence technologies to develop cutting-edge products. These products will help credit providers make more accurate credit decisions, enhancing transparency and reducing potential credit risks.
The bureau also reiterated its commitment to increasing public awareness about the importance of upholding a good credit record. Through these awareness initiatives, the bureau aims to empower individuals with financial management skills while driving financial stability that benefits all.
These initiatives fall in line with the Qatar National Vision 2030, which aims to develop a thriving sustainable economy while elevating Qatar’s position in the global economic stage.
This expansion will offer a more accurate picture of the country’s credit landscape, enabling credit providers to provide their services to customers, assess risk levels and develop market-specific offers.
To drive digital transformation, the bureau will focus on enhancing the electronic services portal and mobile applications, making it easier for customers to access the bureau’s services quickly and conveniently, 24/7.
This falls in line with the bureau’s dedication to offering modern services that contribute to the Third Financial Sector Strategy and Qatar National Vision 2030.
Both initiatives are designed to drive comprehensive technological advancements, catering to the requirements of beneficiaries and supporting sustainable economic development.
