CRIF Kredit-Axborot Xizmatlari obtains license to establish and operate credit bureau in Uzbekistan
The Central Bank of Uzbekistan has recently issued a license to CRIF Kredit-Axborot Xizmatlari, allowing the establishment of the first world-class private credit bureau in the Republic of Uzbekistan.
CRIF Kredit-Axborot Xizmatlari was founded by CRIF in partnership with six major banks in the country: Uzbek Industrial and Construction Bank, Asia Alliance Bank, Invest Finance Bank, Ipak Yuli Bank, Ipoteka-Bank, and Hamkorbank.
The awarding of the license is the result of a sustained effort over nearly 4 years by CRIF, which was initially selected as the global credit bureau industry player to assist in setting-up a sophisticated, state-of-the-art credit bureau infrastructure. This remarkable milestone was achieved thanks to the great support of local shareholders, the International Finance Corporation (IFC) - a member of the World Bank Group - and the Central Bank of Uzbekistan.
The creation of this crucial infrastructure will facilitate the development of the Uzbek credit market, which will in turn help SMEs and consumers to continue to transition to more advanced markets, based on sophisticated credit reference services and value-added solutions. Ultimately, this will facilitate greater financial inclusion in Uzbekistan.
At the same time, thanks to the availability of comprehensive and updated credit information, lenders will be able to deliver financial services thanks to sustainable and controllable processes. Lenders will also be able to expand their credit offerings to consumers and SMEs.
In line with the local regulatory and legal framework, the credit bureau system developed by CRIF will gather credit information on individuals and businesses from eligible lenders and any possible alternative lenders.
“Uzbekistan is without doubt in an interesting phase of economic growth. Increasing competition, and regional and foreign investments are a sign of an economic system with stable growth, evolution and consolidation of infrastructures. In such an environment, CRIF is honored to play a strategic role together with the local banks involved. This is particularly true at this very difficult time of the COVID-19 pandemic: being ready to support financial inclusion and risk control with the proper credit management infrastructure is a key step to supporting a new start for Uzbek society, and we’re happy that the Central Bank of Uzbekistan has awarded us this license” - commented Davide Michele Meo, CRIF International Sales and Direct Markets Director.