UAE: Expats to receive ‘credit passports’ as part of new collaboration

UAE: Expats to receive ‘credit passports’ as part of new collaboration

The move enables expats from India, Philippines, UK to bring their credit history upon arrival to the Emirates

Published: Tue 7 Mar 2023, 4:24 PM

A new collaboration will allow 'Credit Passports' to be issued to UAE expatriates.

Al Etihad Credit Bureau (AECB) on Tuesday announced a strategic collaboration with the world’s leading consumer-permissioned credit bureau Nova Credit. The move will enable newcomers to leverage their home country credit history when applying for financial services upon arrival to the UAE.

Credit Passport is now available for AECB subscribers to support credit applications with history in countries including India, the Philippines, the United Kingdom, with other countries to follow in the near future.

Marwan Ahmad Lutfi, CEO of AECB, said AECB is among the region’s first federal entities to provide cross-border credit solutions, creating value for lenders, individuals, businesses, government entities, and the public through key collaborations with international bureaus.

“As we continue to introduce cutting edge products to our customers, we reiterate our commitment to creating a positive social impact, in line with the UAE’s vision of becoming the epicentre of a borderless global economy,” Lutfi said.

Win-win collaboration

The collaboration facilitates real-time, large-scale application approvals by enabling AECB subscribers, namely UAE-based local and international financial institutions and