BAKU, Azerbaijan, June 23. I look forward to all of us coming together tomorrow to sign a memorandum of understanding on credit information exchange and mutual understanding, said Ruslan Omarov, Chairman of the Board of the Association of Credit Information Providers of Eurasia (ACIPE) and Head of Kazakhstan's First Credit Bureau (FCBK), Trend reports.
In his speech at the 1st International Conference on Credit Reporting in Baku, Omarov noted that credit bureaus in their respective countries have evolved into system-building institutions.
“They collect significant volumes of data essential for the development of the financial sector. Through this, we—credit bureaus—help establish a zone of trust among financial institutions, enabling them to share this data more freely.
As has already been mentioned, credit information is the backbone of financial transparency and inclusivity. We must understand the importance of this data and protect it from unauthorized disclosure, particularly to entities not participating in the credit data ecosystem.
Each country shares its experience because every nation and its financial system are unique. Despite many commonalities, countless nuances differentiate us. However, by sharing data, products, and services, we empower one another. All credit bureaus participating in this event contribute greatly to ACIPE, which is why our association is active and rapidly developing.
We cooperate closely with all global associations, including the European Credit Information Service (ACIS), and other international organizations. Although ACIPE has only been operating for seven years, we are already recognized globally.
Despite being a young and still relatively small association, we have strong players in our ranks and have achieved a significant level of unity.
We talk about transparency and trust not only within our own countries, but also share these values across our association. I believe tomorrow’s signing of the memorandum will mark the beginning of data exchange among participating countries,” Omarov concluded.
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