Consumer finance firms to link databases with FRA
The General Authority for Financial Surveillance issued a decision requiring consumer finance companies to provide the technological infrastructure to connect their databases with the Authority’s database. The decision aims to enhance transparency and oversight of financing operations by making data related to customers, purchase transactions, classification of goods and services, customer repayment regularity, as well as companies' financial information, accessible. The Authority will issue the executive regulations for this decision within six months to strengthen monitoring of consumer finance activities in the market.
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