The Oman Credit and Financial Information Centre — the Sultanate’s first National Databank — was inaugurated at a spectacular event on Tuesday under the brand ‘Mala’a’. The independent outfit, which was constituted by Royal Decree 38/2019, is affiliated to the Central Bank of Oman.
The brand launch was attended by senior officials from the Central Bank of Oman, government entities, and CEOs of financial, telecom and insurance sectors at the W Muscat, Oman.
Mala’a will serve the growing demand for timely access to credit and financial data for enhanced decision making and credit assessment, said Adil al Saadi, Managing Director.
“Our new identity signals our clear purpose: Unlocking Value from data is ultimately for adding value to the Omani society. We will enable businesses and their aspirations by equipping them to make superior financial decisions. Such a vision can only be achieved by facilitating access to accurate, timely and reliable information through the Mala’a’s digital secured channels,” he added.
The national databank centre serves clients in all economic sectors, including financial institutions, insurers, retailers, telecommunication operators and small to medium-sized companies, among others. One of Mala’a’s fundamental values is the protection of customer and company data, and it prioritises the conscientious and positive use of credit.
Located on the Central Bank’s premises in Knowledge Oasis Muscat (KOM), the Centre is technology-enabled by a world-class, scalable data-modelling engines and Credit Bureau Platforms.
Initially, Mala’a’s operations will start with credit risk and scoring for consumers and corporates assessment, later move onto expanding its scope to other services such as mobile lending platforms, Instant Decisioning Module, Data Analysis, and Fintech Innovations.
In terms of branding, Al Saadi noted: “The Mala’a brand which means ‘creditworthiness’, (financial solvency in Arabic), represents its ambitious vision as a game-changer to the classical credit bureau by re-inventing the business model of credit bureau to cover multiple sectors and integrate public registries and financial data as well. This innovative business model has been appraised by World Bank and Arab Monterey Fund for its futuristic holistic approach.”
Mala’a will also effectively service customers in new ways to drive greater financial inclusion.
The Centre will empower corporates and consumers to have control over their data through a number of self-service channels such as the mobile app and online platform available in both Arabic and English.
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