Statement of the Chief Executive Officer
Fiscal year ending in September 2020 has witnessed major and unexpected disturbances once the entire world started suffering from the spread of the new Coronavirus (Covid-19). The necessary preventive measures adopted to limit spread of the virus have caused severe economic consequences at international and local levels. Government entities were prompted to take unprecedented measures, including resorting to total and partial curfews, in addition to full closure of several economic, commercial and banking activities, which impacted all individual and corporate customers. However, with the grace of Allah Almighty and in continuation of the Company's rational policy in managing risks and facing crises, in addition to the challenges imposed by the emerging Coronavirus (Covid-19) pandemic, Ci-Net has applied practical measures to ensure the continuity of its business without interruption and the provision of services to all its subscribers and customers without resorting to unprecedented financial allocations, in light of the hard-to-determine accelerating events that were taking place back then. That is how the Company has maintained its business volume growth rates.
Covid-19 has also highlighted the importance of digital services, which represented a great challenge to the majority of banks and companies. However, that matter was different for us. Thanks to Allah Almighty and to the Company's insightful vision, we succeeded in providing our services to all customers, despite these circumstances, electronically in user-friendly ways. This is exactly the goal we aspire to achieve; namely to focus and accelerate the implementation of Ci-Net Digital Transformation Strategic Plan, which has become the main pillar in the strategy of diversification and expansion in the provision of credit reporting and credit rating services.
At the outset of the year 2020, Ci-Net adopted a new strategic direction that will pave the way towards enhancing the efficiency of its work and its performance levels, thus achieving the desired results in accordance with the directives of the Central Bank of Kuwait. In cooperation and coordination with major companies and specialized advisory bodies, our Board of Directors has prepared and designed a clear and specific strategic transformation plan that aims at facing the challenges and opportunities the future holds and benefitting from the technical development witnessed in the banking and financial field, with a view to develop the Company’s business model over the medium term (3 - 5) years. The strategy also addresses the new services action plan that shall be proposed within the framework of implementing that strategy with the aim of enabling the Credit Information Network Company to provide better services to individuals and institutions operating in the State of Kuwait, in addition to increasing the capabilities of Ci-Net to be qualified to perform its business that focuses on providing value-added services to the financial and banking sector in Kuwait. The Company’s objective is to contribute to enhancing the credit system with a high degree of commitment, through using modern technological tools in innovative manner, stemming from its full belief that digital technologies have become an essential part of the strategy of all companies operating in banking and financial sectors, as they all fully adopt digital aspects in their business and services, which helped the Company to continue providing its services to subscribers and customers electronically.
The events that took place during the fiscal year 2019/2020 have accelerated the pace of change in service provision. The emergence of Coronavirus (COVID19) pandemic has brought about major changes in the way customers would like to deal through, creating a need to implement innovative solutions in a short time to continue meeting customers’ needs. Ci-Net’s innovation culture has helped us counter the widespread impact of the epidemic by using cutting-edge technologies.
Outlook for 2021:
During the year 2021, Ci-Net shall continue to focus all its efforts on implementing the purposes for which the Company has been established and its strategic directions have been set, according to the Board’s vision in this regard, in a technological and advanced way. The Company shall also continue to study a number of strategic initiatives and services with a view to draw a roadmap for the scope of services and the implementation plan to improve the current services and products. Ci-Net also intends to devote all its efforts to providing the subscribers, individuals or companies, with services related to credit information that will enhance the banking and financial community in the State of Kuwait in terms of efficiency and productivity, in addition to including other sectors, such as telecommunications companies, insurance companies and any other entities that have credit information. The Company is also be keen to provide its services in a manner that provides added value to all subscribers in its network and shall develop its systems and business in a way that reflects its desire to add a new dimension to its mission; namely to achieve the desired goal of developing awareness and credit culture for all citizens and residents in the State of Kuwait.
In conclusion, I would like to sincerely thank the distinguished Chairman and members of the Company’s Board of Directors for their generous support that contributes to Ci-Net’s advancement towards a higher level of growth and success. I would also like to thank the Executive Management and all the Company’s employees for their strenuous efforts and hard work in achieving success during the elapsed fiscal year despite the difficulties and challenges we have gone through. My sincere thanks and appreciation are also extended to all the officials in the Central Bank of Kuwait for their permanent support, as well as to all our honorable shareholders and all the relevant parties for their understanding and trust. We are confident that our continued efforts will prove our strength and shall have a positive impact in providing long-term sustainable value to all of our valued shareholders.