Emcredit announced that it will provide credit information and risk assessment services to Citibank, GN reported.
In the initial phase, Citibank will utilise Emcredit's emBounce services to gain better perspective on the cheque honouring behaviour of potential customers.
"We are pleased to announce this partnership with Citibank, which demonstrates the value that Emcredit can bring to such multinational financial institutions. Our credit information and risk assessment services will enable Citibank to gain an additional perspective on the credit payment behaviour of their potential customers. This will empower them to accurately identify and target the right type of customers and make more informed lending decisions," said Ali Ebrahim, vice-chairman of Emcredit.
Emcredit recently signed agreements with Amlak Finance, Better Homes and Dubai e-Government. It has also signed an exclusive agreement with Dubai Land Department's Real Estate Regulatory Authority (Rera) for development of the Property Profile Solution. This new solution will provide details on title deed information, real estate exposures and property evaluation to enhance transparency in property transactions.
"In a dynamic economy such as the UAE, credit information services provided by Emcredit are useful tools for us to gain a better understanding of our customers. Not only will this help reduce lending risk, it will also enable us to provide customised and value-added services to our customers," said Sanjoy Sen, country business manager for Citibank's consumer banking business in the UAE.