"Bayan" enhance confidence in the Saudi companies, especially small and medium enterprises in accordance with the Saudi Vision 2030
The Minister of Trade and Investment, Dr. Majid bin Abdullah Al-Qasabi continued the preparations for, "Bayan for credit information" company to launch its business and services specialized in measuring the risk of business entities in the trade and investment sector in the Kingdom to achieve the Saudi Vision 2030, at the beginning of next year 2017
His Excellency the Minister of trade and investment stressed the importance of "Bayan" role in the providing the programs and applications that contribute to the construction of vital databases of the economy, analysis, and production of commercial information, credit and financial reliable availability of all options for the makers of financial and credit decisions for the small and medium companies and enterprises in Saudi Arabia in general.
The "Bayan" credit information company licensed by the Saudi Arabian Monetary Agency and was established in December 2015, by the decision of the Minister of trade and investment as a shareholding company with a capital of 100 million Saudi riyals, and owned by a group of strategic partners from the private and public sectors who are : Teqah company, Takamul company, Bank Al Bilad, Enma Bank and the Gulf international Bank.
Dr. Al- Qsabi explained that lunching Bayan company will serve the purposes of the Saudi economy based on the Saudi Vision 2030, most notably the presence of high trading volume of bilateral trade credit in Saudi Arabia with the lack of a competent authority documenting, sharing and providing information about it.
"Bayan for credit information" will contribute to boost confidence in the Saudi companies, especially small and medium enterprises, and the disclosure of the risks of transactions with third parties, in addition to improving credit efficiency and liquidity management, and raise the bilateral trade level, also interested in ensuring the quality of credit data, and support and encourage the related financial industry, such as factoring, credit guarantees and insurance.