“Credit bureaus reduce information asymmetry in financial markets, ”said Ruslan Omarov, Chairman of the Board of the Association of Credit Information Providers in Eurasia (ACIPE), at the “First International Credit Reporting Conference” held in Baku, APA-Economics reports.
Omarov noted that the credit bureaus brought together under the ACIPE umbrella are key structures that contribute to the development of each country’s financial infrastructure and enable better decision-making by reducing information asymmetry in financial markets.
“Today, data is an asset. Credit bureaus have become system organizations that ensure the proper circulation and protection of this asset,” Omarov stated.
He also said that credit bureaus establish an environment of trust among financial institutions, create conditions for secure and transparent information exchange between these entities.
Ruslan Omarov further emphasized that ACIPE closely cooperates with international credit bureau associations, including the European Association (ACCIS), and despite being founded only seven years ago, ACIPE has already become a recognized and reputable platform in its sector.
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