UAE Launches Easy Loan Service for New Expats

Al Etihad Credit Bureau (AECB), in partnership with Nova Credit, has launched a service called ‘Credit Passport.’ It allows new expats to use their home country’s credit history for financial services in the United Arab Emirates (UAE).

AECB customers can use Credit Passports while applying for credit cards, loans, and phone plans. Currently, it’s available for expats from the United Kingdom (UK), the Philippines, and India. It’ll be expanded to other countries soon.

CEO of AECB, Marwan Ahmad Lutfi, reiterated his company’s devotion to creating a positive social impact in accordance with UAE’s vision of becoming a borderless economy.

Co-Founder and CEO of Nova Credit, Misha Esipov, stated that they’re a step closer to being a borderless financial system after the launch of the Credit Passport.

It’s crucial for new expats to be able to use their home country’s credit history. With the Credit Passport, it’ll become easy for them to access the banking services in UAE.