The Financial Regulatory Authority (FRA) has ordered consumer finance companies to establish the technology infrastructure needed to connect their databases with the regulator’s database, with detailed requirements to be issued within six months.
Under the decision, consumer finance companies will be required to provide specified data through electronic systems that enable the FRA to access their databases, FRA Chairman Islam Azzam said in a statement.
The data will include information on customers immediately after they are approved for financing, as well as real-time details of customers’ purchases of goods and services.
Companies will also be required to provide classifications of the goods and services they finance, customer classifications based on repayment performance, and data on their financial solvency and related indicators.
Azzam said the database link will give the FRA continuously updated information, strengthening its supervisory and regulatory capabilities and enabling earlier detection of potential risks or adverse developments to support market stability and protect consumers.
He added that continuously updated data, alongside existing regulatory requirements, will allow the FRA to develop more accurate indicators on the consumer finance market and make them available to market participants, helping companies develop products more quickly in response to changing demand.
The decision follows recent FRA measures aimed at strengthening digital and data connectivity across non-bank financing activities, including real-time links between consumer and microenterprise finance companies and credit information provider iScore, faster implementation of customer identity verification using one-time passwords (OTP), and access to behavioral credit assessment scores.
Azzam said the new database connection complements those measures and reflects the FRA’s efforts to continuously update the regulatory framework for non-bank financial activities, improve operational efficiency and financing decisions, and facilitate supervision as market conditions, technology and risk patterns evolve.
The decision was published in the Official Gazette and takes effect on September 24, 2026.
