Bayan would Enhance Trust in the Business Sector, Especially Small and Medium Enterprises (SMEs), based on the Kingdom’s Vision 2030
H.E. the Minister of Commerce and Investment, Dr. Majid bin Abdullah Al Qasabi, has inaugurated today "Bayan Company for Credit Information", as the first integrated business credit provider in the Kingdom, specialized in providing local and international reports and credit risk systems. All that for the realization of the Kingdom’s Vision 2030. The inauguration ceremony is attended by more than 500 participants, including their Excellencies, representatives of banks and financing institutions and CEOs of the largest companies operating in the Kingdom.
During the ceremony, H.E. Dr. Al Qasabi stressed the importance of the expected role of Bayan Co., in providing a unified and integrated platform for business, credit and financing information. For the first time in the Gulf Region, Bayan would provide sales on credit information, in addition to smart risk programs and analysis tools that contribute to providing up-to-date and accurate information based on reliable sources. This is to provide all options for financial, investment and credit decision makers from companies and SMEs in particular.
H. E. Dr. Al Qasabi also pointed out that launching Bayan Co. comes on purposes for serving the Saudi Economy, mainly supporting the growth of Small & Medium Enterprises, as well as for attracting foreign investments and developing the financial and commercial sectors in the Kingdom, based on the principle of enhancing trust and transparency in business transactions by improving the efficiency of credit intra-trade in the Kingdom, which is considered the highest in the G20, especially with no reliable sources that would preserve the rights and disclose the risk, in addition to increasing the volume of credit information coverage, as there is poor coverage of SME credit information, which does not exceed 6% currently. This weakened the trust in such institutions by financiers and sellers.
For his part, Mr. Mohamed Al Yousef, Bayan's Chief Executive Officer said that Bayan's reports, which cover more than 1.2 million CR and more than 80,000 audited financial statements, will have a key role in facilitating SMEs' access to financing and sale on credit, through Providing integrated credit information about more than 100 thousand institutions. This is an increase of 100% of the information currently available, supported by market averages, thus facilitating risk measurement, making analysis and comparisons, in addition to the world reports, covering more than 200 million businesses in more than 190 countries for supporting export. Notably, Bayan Co. has adopted a consolidated smart platform, which has been developed by using the latest technology systems worldwide, taking into consideration the highest standards of protection. This would enable Bayan of achieving its ambitious vision, which is to be the leading provider of credit information to the business sector, and it would help its clients to take their credit decisions clearly.
It is worth mentioning that Bayan Company is a credit information company, and it is considered the first fully integrated business credit company in the world. It has been licensed by the Saudi Arabian Monetary Agency and it has been set up by a decision of H.E. the Minister of Commerce and Investment as a closed joint stock company, with a capital of SR100 million. The company is owned by a group of strategic partners from the private and government sectors, including: Thiqa Business Services Co., Takamul Co., Bank Albilad, Al-Inma Bank and Gulf International Bank.
Bayan Co. is expected to create a flexible business environment for the Saudi Economy. Consequently, this would raise the Kingdom's rank in the World Index of facilitating and easing the practicing of business, as well as the indicators related to transparency and financing accessibility. Bayan Co. will also have an active role in raising the level of export and attracting more foreign investment, due to the availability of documented references to business information, such as credit information and financial data.