Key Operating Achievements During the Financial Year
Ended on 30.09.2022
- Registration of Ci-Net as the first company that provides credit and credit-classification reporting services in the Credit Information Companies Register under the provisions of Law No. 9 of 2019 regulating the exchange of credit information.
- Launching the strategic transformation plan for the three years 2023/2024, 2024/2025, 2025/2026. This step complements the progress of the achievements made by the Company and the members of its board of directors upon the Company’s conformation with the provisions of Law No. 9 of 2019 with a view to fulfilling the requirements of the forthcoming phase of effectively keeping abreast with the local and international changes and trends in line with the guidelines laid down by the Central Bank of Kuwait, thereby developing Ci-Net’s role as a center for credit information with a view to benefit all the relevant parties – policymakers, supervisory bodies, banking institutions, nationals and expatriates.
- Continuing to improve and develop the Data Center systems at the Disaster Recovery Site to attain the standard and level of an active – active environment data center within the process of implementing the Business Continuity Module.
- Upgrading subscriptions to the web portal services, the website and the smart phone application Ci-Net for all classes of customers – individuals and companies – through linkage and integrating with the “Huwiyati” application.
- Launching the text messages service for the credit information report, thereby giving the customer a direct notice in the event of an enquiry about them by entities that grant credit or installment sale of goods and services facilities.
- Upgrading and developing the Interactive Module for the commercial credit facilities portfolio by providing a new set of analytical reports in an innovative manner as well as multiple analytical filters that help subscribers to measure the performance indicators of their respective sectors.
- With a view to enhance credit culture and raise the awareness of the various segments of society, and within the framework of intensifying Ci-Net’s efforts in support of the banking awareness campaigns “Let’s Be Aware” launched by the Central Bank of Kuwait, Ci-Net built up its publicity campaigns with materials and brochures through all its pages on social media in order to increase public awareness of the importance of their credit information and credit classifications and keeping them informed of the various risks to which they may be exposed as a result of the existence of negative information or a decline of their credit classification in the credit information report.
- On-going updating and development of the safe communication networks between Ci-Net and subscriber members, customers, data and information providers at government entities and subsidiary bodies, and improving the security levels related to the infrastructure of the internal network and adding security and protection systems in order to strengthen the security of the internal communication network.
- Finalizing the preparation and setting up of the Telco Commitments Portfolio in Ci-Net’s computer system especially created for suppliers and operators of telecommunication and Internet services in the State of Kuwait. The purpose is to enable them to enquire about customers and assess their ability to meet future payment obligations based on the patterns and data related to past payments with regard to communications services only. This should help limit the risks to which communication services providers and operators are exposed, noting that the communications obligations portfolio will not include any customer credit data or information other than the credit classification indicator (digital evaluation).
- Within the framework of the Company’s plan to regularize Ci-Net’s status under the articles and provisions of Law No. 9 of 2019, in addition to the Central Bank of Kuwait guidelines related to the protection of individual customers’ rights, an electronic software has been launched to handle customer complaints in order to enable customers to lodge complaints related to the credit notification services and the mechanism for settling them according to the rules and time periods laid down in this regard in accordance with the provisions of the aforesaid law and its executive regulations.
- On-going testing of the electronic linkage with credit information centers and companies in the Gulf Cooperation Council countries within a testing environment before going live. This action is taken pursuant to the resolution of the Higher Council of the Gulf Cooperation Council taken at the Council’s meeting during its 37th Session held in the Kingdom of Bahrain, to the effect of approving the exchange of credit information among the Gulf Cooperation Council Countries, with a view to link the GCC credit information centers according to the short term work plan and the comprehensive framework for the mechanism of facilitating the exchange of credit information among the Gulf Cooperation Council Countries in order to link the credit information centers in these countries for the purposes of the electronic exchange of credit data and information. This is sought to be achieved by providing highly secure and confidential electronic channels within the scope of information security and technology and apply the best practices in the field of cyber security technology.
- National Manpower (Kuwaitization) represent 43% of Ci-Net’s employees, in line with the Company’s mission to attract and increase the number of Kuwaiti national cadres.
