Baku hosts First International Credit Reporting Conference
Baku, June 23, AZERTAC
The event, titled “From Data to Decisions: The Future of Credit Bureaus,” brought together representatives from the Central Bank of the Republic of Azerbaijan, the Azerbaijan Banks Association, the Azerbaijan Credit Bureau (AKB), bank executives, international credit bureaus, and global experts.
The conference discussed key issues such as the role of credit reporting and assessment in making credit decisions, proposals for risk management and ensuring effective governance, artificial intelligence, big data management, and digital transformation.
The participants also exchanged views on the development directions, achievements, and challenges of credit information providers, who play a crucial role in supporting financial stability and inclusion. They also discussed the products and services offered by the relevant organizations and explored potential opportunities for cooperation.
The Eurasian Credit Information Providers Association (ACIPE), which includes the Azerbaijan Credit Bureau as a member of its governing body, was established on April 17, 2018, in Baku. The organization encompasses credit bureaus and registries from Azerbaijan, Turkiye, Kazakhstan, Uzbekistan, Kyrgyzstan, Tajikistan, Mongolia, Ukraine, Georgia, Moldova, and Saudi Arabia. Its main goal is to establish relations between credit bureaus of various countries in the Eurasian region, facilitate experience sharing on new types of products and services, and strengthen cooperation in the field of credit reporting.
The Azerbaijan Credit Bureau was established on January 15, 2018. The Bureau is responsible for collecting, storing, analyzing, and compiling credit reports; assigning individual credit ratings to borrowers; and delivering other value-added services. These are based not only on information from credit institutions but also from broader sources such as leasing companies, insurance providers, utility service providers, businesses engaged in installment sales, and other databases related to debt obligations.
The number of analytical products and services currently offered by AKB has reached 35, and the number of organizations participating in data exchange with AKB is nearly 270.
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