Finance & Capital Market

Simah sponsors Saudi Trade Finance Summit

Saudi Credit Bureau (Simah), the first licensed credit bureau in Saudi Arabia for consumers and commercial has announced its participation as a platinum sponsor at the upcoming 7th Annual Saudi Trade Finance Summit.

Saudi Trade Finance Summit, organized by QnA International, will be held on November 13 and 14 in Riyadh. The high-profile event which exclusively brings together CEOs, presidents, chairman, group CFOs, finance & treasury heads from leading corporates to meet leading financial, banking and technological institutions to facilitate rigorous discussions on the current trends, challenges and opportunities the finance sector can bring to shape the Kingdom’s economy through trade.

At the event, Simah will showcase its expertise and its insights into the trade financing requirements of Saudi corporates.

Swaied Alzahrani, CEO, Simah said: “Simah believes that Saudi Trade Finance Summit with all its packages is a good opportunity to tackle some key issues related to the credit and finance market.”

“For example, SIMATI and SIMAT reporting systems are very important in today’s financial system. Creditors consider information held by these systems a primary factor when they evaluate the creditworthiness of data subjects and monitor the credit circumstances of consumers.

:This information flow enables credit markets to function more efficiently and at lower cost than would otherwise be possible. Well-functioning financial markets contribute to sustainable growth and economic development, because they typically provide an efficient mechanism for evaluating risk and return to investment, and then managing and allocating risk. Financial infrastructure (FI) is a core part of all financial systems.

“The quality of financial infrastructure determines the efficiency of intermediation, the ability of lenders to evaluate risk and of consumers to obtain credit, insurance and other financial products at competitive terms,” he added.

Sidh NC, director, QnA International said: “The Saudi Trade Finance Summit is a platform that will contribute to the credit information reporting in Saudi Arabia and the perfect place to celebrate the Simah becoming the 1st credit agency in Mena to have its own commercial Trademarks.

“Simah’s repeat participation at the 7th annual confirms the summit being a mature and respected platform for the trade finance industry of the Kingdom.” – TradeArabia News Service