Expats can now take advantage of a borderless financial system using a credit passport which transfers home country credit history to UAE financial institutions.

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A new collaboration now allows UAE expats to leverage their home country’s credit history to apply for financial services. Al Etihad Credit Bureau (AECB) formed a strategic collaboration with Nova Credit to provide access to translated credit history for new UAE expats, upon arrival, as part of credit applications.

AECB is proud to be among the region’s first federal entities to provide cross-border credit solutions, creating value for lenders, individuals, businesses, government entities, and the public through key collaborations with international bureaus, said Marwan Ahmad Lutfi, CEO of AECB.

The initiative provides real-time access to standardised foreign credit data from multiple bureaus around the world. The cross-border credit collaboration will facilitate real-time, large-scale application approvals by financial institutions and lenders as part of credit applications.

UAE expats from countries including India, Philippines, United Kingdom and more can apply for the new Credit Passport.

Another milestone to confirm UAE’s commitment to creating a positive social impact, in line with its vision of becoming the epicentre of a borderless global economy.

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