This announcement was made today at a press conference at Dubai Police headquarters. The agreement was signed by Maj. Gen Khamis Mattar Al Mazeina, Deputy Chief of Dubai Police, and Mr. Ali Ibrahim, Managing Director of Emcredit.
Following an earlier agreement, Emcredit and Dubai Police partnered to develop Embounce, a credit reporting tool that provides clear, comprehensive and up-to-date records on defaulted cheques reported to Dubai Police. As of August 2008, nine subscribers to the Embounce service have generated 23,000 reports to support their business lending decisions.
"Financial fraud is global industry reality. Adopting industry best practices, creating regulatory processes and systems and developing state-of-the-art tools and technology can help tackle this issue," said Maj. Gen Khamis Mattar Al Mazeina. "In accordance with Decree 6 of 2006 issued by His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President, Prime Minister of UAE and Ruler of Dubai, we have worked closely with Emcredit to curtail cases of cheque defaults. Our aim at Dubai Police is to maintain Dubai's status as a world-class city for residents and businesses alike. Through our partnership with Emcredit, we aim to create advanced mechanisms to curb financial fraud and contribute to the growth and development of the financial sector in the UAE."
Mr. Ali Ibrahim said: "Dubai Police is a strategic partner of Emcredit and the first government body to extend its support to Emcredit. Since formalising our partnership in 2007, Emcredit and Dubai Police have worked together closely to develop Embounce. Our agreement today sets the ground for future cooperation that will enable Emcredit to develop enhanced decision-support and fraud detection tools. Such public-private partnerships will strengthen the UAE's financial system against attempted fraud and boost confidence and stability in the country's financial services industry."
Since its launch in November 2006, Emcredit has rapidly expanded its member base and has signed several agreements with leading financial and non-financial institutions and government departments. These include Dubai e-Government, Dubai Public Prosecution and an exclusive agreement with Dubai Land Department's Real Estate Regulatory Authority, as well as Citibank, Dubai Islamic Bank, Dubai Bank, Amlak Finance, Better Homes.
Emcredit is based in the Dubai International Financial Centre 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.
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Quelle/Source: Zawya, 22.09.2008
