UAE Introduces Credit Passports for New Expats

Newcomers to the UAE can egt loans easily now because of credit passports.

  • Publish date: Thursday، 09 March 2023
UAE Introduces Credit Passports for New Expats

New expats in the UAE can receive loans and they can get quick access to other financial services through a credit passport, an initiative supported by Al Etihad Credit Bureau (AECB) and Nova Credit as part of their new partnership.

The credit passport will help newcomers to leverage their credit history from their home country when they apply for any financial services in the UAE. The initiative is supposed to boost the retail banking sector. 

At first, credit passports will be available to AECB subscribers with financial histories in countries including India, the Philippines, and the United Kingdom, but the services will soon extend to other countries. 

The collaboration between AECB and Nova Credit allows for real-time, large-scale application approvals by giving AECB subscribers-UAE-based local and international financial institutions and lenders-access to translated credit history of new UAE expats, after the latter have given their approval as part of credit applications.

Vice President of International at Nova Credit Collin Galster said “we are looking forward to taking this next step with AECB and expanding the global footprint of Credit Passport so consumers around the world can experience borderless credit reporting.”

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