Statement of the Chief Executive Officer
2021 has been marked as the year of changes and challenges that emerged due to the repercussions of new Coronavirus (Covid-19) Pandemic. However, we managed, with the help and grace of God and support of our esteemed shareholders to continue accomplishing achievements in developing and introducing our actual value-added services, which in turn reflected on the financial results and strengthening the company’s position as a provider of credit inquiry services and the first credit rating of its kind in the State of Kuwait, distinguished by its various services, products and credit reports.
In alignment with directives of the regulator to develop a strategic plan that transforms the company’s business to enhance its role specified by provisions of Law No. (9) of 2019 on regulation of credit information exchange, Executive Regulations thereof and the controls issued by Central Bank of Kuwait, In addition to the insightful vision of BOD to develop the company’s business, as all of these elements contributed to drawing a clear roadmap and keeping pace with developments in the manner of completing business by applying modern technologies according to the latest practices and techniques used in this king of technical business and in easy, advanced and secure manners that ensure access to data and information in order to facilitate work actions, improve the business environment in general and raise efficiency and effectiveness of the automated system work.
The company has introduced some new products, the most significant of which is the launch of the interactive screens platform in the Ci-NET automated system (Interactive Module) for portfolio of commercial credit facilities, which provides a set of analytical reports that include data and statistical and credit information for each subscriber separately, by accurately and instantaneously displaying the same through the digital screens to be used by the entities operating in the sector, as part of the company’s plan to develop its services after the launch of digital interactive screens for the personal loan portfolio of subscribers last year.
The company also has inaugurated actions for testing the automatic linkage with credit information centers and companies in the GCC States experimental environment (UAT), prior to transferring such actions to the actual production environment (Go Live), according to the decision of Supreme Council of the Cooperation Council for the Arab States of the Gulf issued in the Council meeting in its 37th convention in Kingdom of Bahrain, which states approval of the exchange of credit information between states of the Council in accordance with the (short-term) action plan and the comprehensive framework of the mechanism for facilitating the exchange of credit information between GCC states, with the aim of linking credit information centers in the Arab states of the Gulf to exchange data and credit information electronically, through providing electronic channels with a high level of security and confidentiality in information security and technology and applying best practices in cybersecurity technology.
All steps and actions taken by the company came within the framework of the policy of the Board of Directors aiming at developing a culture of data and information exchange and making decisions based on the information supplied from all different sectors, using and reusing this same data and information, in addition to protecting the confidentiality of confidential information, which is to achieve the vision of the regulator that the company is one of the first and advanced companies to provide the optimal services and to update and develop its business on an ongoing basis.
The products developed by Ci-Net support decisions regarding investment and credit objectives of individuals and companies to enhance their ability to maintain timely payment processing, enhance creditworthiness and enable them to access the best products and offers at level of the sector.
All agencies providing credit services may rely on the extensive experience and capabilities of Ci-Net to assess the financial solvency of individuals and companies and their credit capabilities. We are delightful to announce to you that Ci-Net application is now available for smart devices on IOS and Android systems and may be downloaded from their respective application stores. For more information, please visit our website www.cinet.com.kw .
To conclude, I would like to extend my sincere thanks to the esteemed BOD of the company for its kind support, which constantly contributes to advancing the company to a higher level of growth and success, which paves the way towards achieving more positive results for its insightful vision and distinguished expertise.
I would also like to extend my thanks to the company’s employees for their strenuous efforts and hard work in achieving success during the past fiscal year. I also express my sincere thanks and appreciation to the officials of Central Bank of Kuwait, our esteemed shareholders and all relevant parties.