RIYADH — The Minister of Commerce and Investment Dr. Majed Abdullah Al-Qasabi launched here today the Company of "Bayan for Credit Information" as the Kingdom's leading business credit information provider specializing in local and international reporting and credit risk systems to achieve Vision 2030, Saudi Press Agency reported Thursday night.

More than 500 participants, ministries, representatives of banks and financial institutions and CEOs of major companies operating in the Kingdom attended the launching ceremony.

Dr. Al-Qasabi stated that Bayan will provide all types of credit-related services and products, like business reports, intra-trade, receivables/payables, credit banking and financial reports as well as smart credit risk management systems, which will cover all the institutions and companies operating in Saudi Arabia and a large class of international institutions and companies to serve commercial and industrial sectors.

He also explained that Bayan aims to achieve its strategic objectives by adopting the highest operational efficiency standards and activating the principle of fair and strategic partnership with its clients and understand their needs to serve them around the clock in order to achieve clients’ satisfaction in short and long term by relying on the most efficient human and technical resources.

Bayan is the credit information company licensed by the Saudi Arabian Monetary Authority (SAMA) with a share capital of SR100 million and owned by a group of strategic partners from government and private sectors. — SPA