financial leaders to debate future policies at wccrc
Last Updated : GMT 05:21:58
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Last Updated : GMT 05:21:58
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Financial leaders to debate future policies at WCCRC

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Arab Today, arab today Financial leaders to debate future policies at WCCRC

Nabil Al-Mubarak
Toronto - Arab Today

As a global allocating agency for the legal entity identifier (LEI), the Saudi Credit Bureau’s Moa’rif identifier is used to identify legally independent entities and companies.
Moa’rif identifier allows companies to comply with various reporting requirements, while at the same time enhancing transparency.
It helps measure and monitor systemic cross boarder payment transfer risk, enables regulators globally to more accurately obtain a view on risk to the financial system, helps individual firms more effectively measure and manage counterparty exposure through a common view of legal entities across the organization and promotes coordination. 
Nabil Al-Mubarak, CEO of Saudi Credit Bureau (SIMAH), points out that SIMAH has been accredited officially by Global Legal Entity Identifier Foundation (GLIEF) to act as a full local operating unit (LOU).
Established by the Financial Stability Board in June 2014, GLEIF is a not-for-profit organization created to support the implementation and use of the LEI.
The foundation is overseen by the LEI Regulatory Oversight Committee, which is made up of representatives of public authorities from around the globe.
GLEIF is headquartered in Basel, Switzerland. GLEIF services ensure the operational integrity of the Global LEI System and facilitate making the LEI a broad public good. As a result, the LEI remains the industry standard best suited to providing open and reliable data for unique legal entity identification management.
Al-Mubarak’s comments come as more than 250 of internationally recognized financial leaders prepare for the 10th World Consumer Credit Reporting Conference (10 WCCRC 2016), taking place from Sept. 25-27, in Toronto, Canada. 
Al-Mubarak added: “LEI is a 20-digit, alpha-numeric code based on the ISO 17442 standard developed by the International Organization for Standardization (ISO). It connects to key reference information that enables clear and unique identification of legal entities participating in financial transactions.”
He said: “Simply put, the publicly available LEI data pool can be regarded as a global directory, which greatly enhances transparency in the global marketplace. The Financial Stability Board (FSB) has reiterated that global LEI adoption underpins ‘multiple financial stability objectives’ such as improved risk management in firms as well as better assessment of micro and macro prudential risks. As a result, it promotes market integrity while containing market abuse and financial fraud. Last but not least, LEI rollout “supports higher quality and accuracy of financial data overall.” 
The 10th WCCRC 2016 is claimed as the only global event that specifically covers the subject of credit reporting, bringing together companies and organizations from around the world to discuss developments in this increasingly important industry.
WCCRC 2016 covers up to date credit issues, including financial inclusion. According to the World Bank, 40 percent of the Kuwait's adults have no financial services connection. And three out of four people in the lowest economic sector are unbanked.
Consumer access to financial services is a key link to a countries overall development. Options to reach consumers who don't have access to traditional financial services products are becoming more common as new business models and providers come into the market. This panel will offer some of the ways financial inclusion is becoming a reality. 
Chosen by CDIA and ACCIS, SIMAH is sponsoring the 10th WCCRC 2016 as a diamond sponsor and as the 1st credit bureau from the MENA to sponsor such an international conference.

Source: Arab News

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