Muscat: Oman Credit and Financial Information Center (Mala’a) on Wednesday announced the soft launch of its pilot operations.
The Official Launch of the Centre’s operations will commence on January 1, 2021 for the Banking & SME sectors.
The Centre has been established as part of Central Bank of Oman’s three-year Strategy (2019-2021), that aspires to constitute a National Databank for Credit and Financial Information in Oman and contribute in transforming the country into a knowledge-based Economy. It may be noted that Mala’a Centre was established through a Royal Decree 38/2019 issued on May 8th 2019.
The Centre acts as a state-of-the-art national databank for all Credit & Financial information in Oman. The information sought from the Centre shall empower members from cross-sectors to assess their respective clients’ solvency, improve loan quality and thereby reduce overall credit risk and defaults. In addition, it shall also reinforce and promote financial inclusion in the Sultanate.
The Centre has members from the banking, financial, Telecom, Insurance, and SME sectors. The Centre also integrates a number of government and private registers as data providers. –ONA