Oman Credit and Financial Information Center wins the Excellence Award for providing credit information services

Oman Credit and Financial Information Centre (Mala’a) has received an Award for Excellence in Credit Information Services at the New Age Banking Summit by OER Magazine. Mala’a is the official source for credit and financial information through credit reports and credit scores. The credit parameters make for crucial criterion that determines eligibility to obtain credit services such as loans, credit cards, etc. Oman Credit and Financial Information Center is noted for its interest in preserving the confidentiality of information and protecting the privacy of customers.

Bassam Al-Jamali, General Manager of Mala’a, expressed the importance of receiving this award and what it indicates for the future of credit services in Oman: “Winning this award motivates us to further enhance our services and provide market driven solutions and products within the banking and financial sector in addition to supporting other beneficiary sectors.  Current digital times require access to reliable and efficient data which Mala’a works hard to provide through further growing the information network. We also aspire to be positioned as the facilitating arm in the Digital Transformation process that the Sultanate is witnessing in every sector. ” The current credit records in Mala’a system have reached one million credit records, and over a million credit reports have been used through our new system.

Oman Credit and Financial Information Center project was established to be delivered in three main phases. Currently Mala’a is undergoing the second phase, which includes connecting with Telecommunication sector, launching a mobile application for smart phones, delivering  Instant Decisioning solutions and the eKYC platform.

Mala’a aspires to strengthen the foundations of the national economy by enhancing financial inclusion and making credit available to all segments of society, raising the levels of financial balance in Oman, supporting responsible financing, and reducing financial credit risks in the Sultanate. The center also plays a pivotal role in achieving the priorities of Oman’s National Vision 2040 and its strategic directions, especially the priorities of economic diversification and financial sustainability.