Saudi Arabia, Bahrain launch program to exchange credit information electronically

RIYADH: Saudi Arabia and Bahrain have launched a program for electronic exchange of credit information between banking institutions in both countries.

The Saudi Credit Bureau, known as SIMAH, and Bahrain’s Electronic Network For Financial Transactions, or BENEFIT, said this step comes in implementation of Gulf Cooperation Council’s Supreme Council decision issued at its 37th session in 2016.

The project aims to enhance transparency of financial transactions at the GCC level and provide financial tools to reduce credit risks, according to a statement.