UAE: Policybazaar UAE ties up with Al Etihad Credit Bureau to run real-time credit checks
Source: Middle East Insurance Review | Nov 2021
Online financial aggregator PB Fintech (Policybazaar UAE) has entered into a technical/API integration with Al Etihad Credit Bureau (AECB) to implement real-time eligibility checks for credit card applications based on the AECB credit score and banks’ approval criteria. This pre-eligibility check will help enable banks to approve applications for credit cards faster. Policybazaar UAE e will bear the costs of the AECB credit score, which will be displayed real-time onscreen and delivered to the applicants via email by AECB.
AECB CEO Marwan Ahmad Lutfi said, “Our system now allows marketplaces, aggregators and potentially any digital platform to integrate with AECB’s systems through APIs. This will enable individuals in the UAE to obtain their AECB credit scores through digital channels, thereby facilitating access to credit information and making the credit score an integral part of business practice.”
Policybazaar UAE CEO Neeraj Gupta said, “This integration lays out an analytical framework for customers in the UAE to make informed financial decisions while having immediate access to their financial information.”
The AECB credit score is a three-digit number that indicates how likely customers are to make their payment obligations on time based on past payment behaviour, which identifies an individual’s creditworthiness. AECB calculates the credit score using the information it collects regularly from financial and non-financial institutions in the UAE. M