The Central Bank of Kuwait has finally approved the transformation strategy plan presented by the Credit Information Network Company “SciNet”, which was prepared by its board of directors in cooperation with the external advisor Oliver Wyman Company since 2019, and it was submitted on January 31, 2021, after fulfilling all the elements and observations provided by the regulator.

As of the 30th of this month, “SciNet” must submit a quarterly follow-up report, showing the position of achievement, the steps taken by the company to implement its strategy and the percentage of achievement, with an emphasis on the need to fill the positions previously recommended by the “Central Bank of Kuwait, with the need to establish an independent planning unit. Strategy and follow-up, as well as the establishment of a department specialized in digital transformation and innovation, reports a local Arabic daily.

The strategic plan prepared by the SciNet Board of Directors, in cooperation and coordination with the advisory body, is based on facing challenges and taking advantage of the opportunities that the future holds, with a focus on the rapid technical development in the banking and financial field to achieve development in the company’s business model in the medium term.

SciNet officials revealed earlier that their work plan in this regard ensures the provision of all the company’s services in a safe manner to all subscribers, in addition to developing the work system by adding more flexibility in the implementation of business in a manner that achieves speed, accuracy and efficiency in providing services and products.

The company has adopted a new strategic direction since the beginning of 2020 aimed at paving the way to enhance its work efficiency and performance levels and achieve the desired results in accordance with the directives of the Central Bank of Kuwait.

Regarding the future vision of SciNet, the sources confirmed that the company’s officials will continue to focus all their efforts towards implementing its strategic directions approved by the Board of Directors, and work towards offering more innovative digital services and products, as well as establishing partnerships with similar entities and providing credit services to new sectors in order to achieve integration. in business models.

The sources stated that the company is continuing to study a number of initiatives and requests submitted by initiators and start-ups that aim to provide quality services to customers by making use of the company’s advanced databases and infrastructure.

The sources indicated that “SciNet” will dedicate its efforts to provide services in a safe manner that will achieve flexibility for the business community so that it can provide its products and services to the public in a flexible manner, within the framework of Law No. 9 of 2019 regulating the exchange of credit information and its executive regulations.

On the other hand, the Central Bank’s inspectors are checking the books of the “SciNet” company, with the aim of verifying the integrity of its performance, and ensuring the efficiency of the company’s operational risk management.

This is the first time that the Central Bank has inspected Scinet’s books since the company was registered in its credit information company’s registry on January 23.

The sources pointed out that the Vice Chairman of the Board of Directors of “SciNet” Nasser Al-Qaisi, who is currently performing the duties of the Chairman of the Board of Directors, was directed to provide all the required data to the CBK inspectors and to provide support and cooperation with them to achieve the visions and perceptions of the supervisory regulator.

The sources indicated that, according to Article 11 of Law No. 9 of 2019 regarding the regulation of the exchange of credit information, “the establishment of credit information companies is subject to the supervision of the Central Bank for the purpose of following up their compliance with the law and its executive regulations and the rules, controls and instructions issued by the CBK and its information systems to verify the safety of its performance and to ensure the efficiency of operating risk management.”

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