Under the terms of the agreement, Dubai Public Prosecution will provide access to litigation data and data on historical cheque honouring behaviour of individuals and companies to Emcredit. This information will in turn be used by Emcredit to complement its emBounce solution that provides clear, comprehensive and up-to-date records on defaulted cheques.
EmBounce is a tool to enhance the risk assessment process of lenders and companies accepting cheques, while in turn setting the building blocks of credit reputation for cheque issuers. Through emBounce, real time data is provided to Emcredit’s customers in real estate, financial and insurance sector.
The agreement was signed by H.E. Yousef Hassan Al-Mutawa', Senior Advocate General of Dubai Public Prosecution, and Ali Ibrahim, Vice Chairman of Emcredit.
H.E. Yousef Hassan Al-Mutawa' said: “As the economy experiences unprecedented growth and businesses continue to flourish, tools are needed to ensure a stable financial sector and keep financial crime in check. Our partnership with Emcredit will enable businesses to identify cases of high financial risk, and act as self-discipline mechanism to reduce incidences of bounced cheques in the long term.”
Dubai Public Prosecution data on defaulted cheque lawsuits will be provided to Emcredit’s state-of-the-art data hosting systems under advanced security and data protection procedures. Data will be updated on a daily basis.
Al-Mutawa' added: “This agreement comes in line with the strategic plan followed by Dubai Public Prosecution to expand our institutional and community partnerships, which will guarantee high quality services to Emcredit customers. I would also like to stress the importance of strong institutional relations between corporations to achieve a high level of services in the UAE governmental departments and public institutions. This will help in effectively serving justice, and increasing the efficiency and performance of judicial work in the Dubai Public Prosecution.”
“This landmark agreement reflects the growing public-private partnership in the UAE’s dynamic economy,” said Ali Ibrahim. “Based on the data from Dubai Public Prosecution, Emcredit’s emBounce solution provides an up-to-date record on incidences of defaulted cheques. The valuable data shared by Dubai Public Prosecution will further complement Emcredit’s emBounce services by providing litigation details and accurately highlighting the associated financial risk. Such comprehensive credit information will empower daily business decisions.”
Emcredit has also signed agreements with several other government departments to enrich its database. These include Dubai e-Government, Dubai Police and an exclusive agreement with Dubai Land Department’s Real Estate Regulatory Authority. Emcredit recently signed agreements with Amlak Finance, Better Homes and Dubai Bank. The company’s fast-expanding partner network demonstrates the growing importance of understanding the financial behaviour of borrowers.
Emcredit’s services are provided to institutions across the UAE. The company is based in the Dubai International Financial Centre (DIFC) and operates in line with the DIFC’s Data Protection Law, ensuring the confidentiality and security of collection and usage of its credit information database.
Source: Al bawaba
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