Emcredit, the UAE's first private credit information services company, has signed an agreement with Dubai Public Prosecution to share litigation data of judged cases on cheque defaults of individuals and companies, a press statement said yesterday.
The data will be used to enable lenders and other businesses to better assess the risks associated with borrowers and partners. The data will be updated ever day. Under the agreement, Dubai Public Prosecution will provide access to litigation data and data on historical cheque honouring behaviour of individuals and companies to Emcredit. This information will in turn be used by Emcredit to complement its emBounce solution that provides clear, comprehensive and up-to-date records on defaulted cheques. EmBounce is a tool to enhance the risk assessment process of lenders and companies accepting cheques, while in turn setting the building blocks of credit reputation for cheque issuers. Through emBounce, real time data is provided to Emcredit's customers in real estate, financial and insurance sector.
The agreement was signed by Yousef Hassan Al Mutawa', Senior Advocate General of Dubai Public Prosecution, and Ali Ibrahim, Vice Chairman of Emcredit. Al-Mutawa' said: "As the economy experiences unprecedented growth and businesses continue to flourish, tools are needed to ensure a stable financial sector and keep financial crime in check. Our partnership with Emcredit will enable businesses to identify cases of high financial risk, and act as self-discipline mechanism to reduce incidences of bounced cheques in the long term."
Al Mutawa' added: "This agreement comes in line with the strategic plan followed by Dubai Public Prosecution to expand our institutional and community partnerships, which will guarantee high quality services to Emcredit customers."
"This landmark agreement reflects the growing public-private partnership in the UAE's dynamic economy," said Ali Ibrahim.