Credit Passports Has Made Things Easier For New Expats In UAE

The new UAE expats can avail quick and easy loans and other financial services through the initiative called ‘credit passports.’

The initiative will enable newcomers to leverage their home country’s credit history when applying for financial services upon arrival to the UAE. The move is also expected to give a fillip to the retail banking sector.

Al Etihad Credit Bureau (AECB) said it was partnering with Nova Credit to power cross-border credit. Initially, ‘credit passports’ will be available for AECB subscribers with financial history in countries including India, the Philippines, the United Kingdom. Officials said it will extend to other countries soon.

“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,” said Marwan Ahmad Lutfi, CEO of AECB.

The collaboration facilitates real-time, large-scale application approvals by enabling AECB subscribers, namely UAE-based local and international financial institutions and lenders, access to translated credit history of new UAE expatriates, upon their approval as part of credit applications.

“Building a borderless financial system has been our guiding vision since our inception and by bringing the Credit Passport to new parts of the world we are one step closer to making this a reality,” said Misha Esipov, Co-Founder and CEO of Nova Credit.

“With this collaboration, AECB will be able to better support the thousands of newcomers to the UAE every year seeking access to the financial services they need to get started and thrive in their new home.”