Dubai Police and Emcredit, the UAE’s first independent credit bureau have signed an agreement on data sharing.

The new data sharing agreement also paves the way for the launch of ‘Embounce’, Emcredit’s new credit reporting tool that will provide clear, comprehensive and up-to-date records on defaulted cheques reported to Dubai Police, said a top police official.

The creditworthiness of Dubai-based individuals and companies has taken a major leap forward with the announcement of the partnership on data sharing, he added.

Dubai Police is first government body to team up with Emcredit to launch ‘Embounce’, a credit reporting solution. The service is expected to go live at the end of August.

Dubai Police General Commander Lt. General Dhahi Khalfan Tamim and Emcredit Board Member and Director and Deputy Director General, Executive Affairs, Dubai Department of Economic Development, Ali Ibrahim  announced this at a press conference in Dubai.

The move is aimed at boosting transparency in the financial and security sectors, Tamim said.

Financial institutions and companies will now be able to better assess the financial health of individuals and commercial organisations in Dubai.

'Embounce will enable lenders and other businesses to assess the risks associated with borrowers and partners, based on their past behaviour in honouring cheques.'

Tamim said the new service will enhance transparency in the financial and security sectors, a priority set forward in the Dubai Strategic Plan 2015 by Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai.

“In a fast growing economy like Dubai, curbing financial offences is a key priority for us in order to safeguard the interests of the financial and commercial sectors and the people of Dubai,' he added.

Cheque offences place a large burden on the police and public persecution departments. We are glad to see the introduction of tools such as Embounce that will allow creditors to better asses the creditworthiness of a cheque issuer and in the long run, reduce the incidence of dishonoured cheque offences. Our partnership with Emcredit provides a new way to serve Dubai and our society,” said Tamim. 

The Dubai Police data will be shared with Emcredit and updated on a daily basis, he added.

Ali Ibrahim hailed Dubai Police's cooperation and said the private-public partnership will boost confidence and stability in the region’s financial industry.

'Everyday, thousands of businesses make decisions based on an individual's or a company’s credit history, making it vital for organisations to have access to accurate and comprehensive credit information that supports their decision-making capabilities” Ibrahim said. 

Brigadier Khamis Mattar Al Mazeina, Director of Dubai Police's Criminal Investigation Department (CID), Bashar Saleh Qallab, CEO of Emcredit were also present along with senior representatives from Dubai Courts, Dubai Public Prosecution Department, Dubai eGovernment, Ministry of Labour, Dubai Naturalisation & Residency Department and the banking community. TradeArabia News Service