Hong Kong Officially Launches Its Credit Reference Platform

Hong Kong Officially Launches Its Credit Reference Platform

by November 29, 2022

Hong Kong’s Credit Reference Platform (CRP) has completed system testing and officially commenced operation on 28th November 2022.

CRP’s launch was announced by the Hong Kong Association of Banks (HKAB), Hong Kong Association of Restricted License Banks and Deposit-taking Companies and the Hong Kong S.A.R. Licensed Money Lenders Association.

The three credit reference agencies (CRAs) shortlisted under the Multiple Credit Reference Agencies (MCRA) Model are Nova Credit Limited, PingAn OneConnect Credit Reference Services Agency (HK) and TransUnion.

Under the MCRA Model, all credit providers are required to connect to the CRP which is a financial infrastructure to facilitate the transmission of consumer credit information in encrypted form between the participating credit providers (such as banks and money lenders) and the CRAs.

Latest technologies such as distributed ledger technology, big data architecture, and API will be leveraged for this.

The centralised database of the CRP is stored in Hong Kong and the selected CRAs are not allowed to transfer the consumer credit data outside Hong Kong for storage and processing.

The HKMA said that it fully supports the MCRA model which is an initiative in line with the “Fintech 2025” strategy.

HKAB said in a statement,

“By introducing the MCRA Model, the Industry Associations aim to provide a safer and more secure consumer credit data service to the market, as well as promote a level-playing field and facilitate the development of fintech in Hong Kong.

We place great importance to the use and protection of personal data and have set up a dedicated working group to enhance consumer protection and monitor the credit reference agencies. We believe that the launch of the MCRA model will be a major milestone in the development of consumer credit data services in Hong Kong.”

Marie Claire Lim Moore

Marie Claire Lim Moore

“At TransUnion, we are honored to be entrusted as a credit reference agency to support the future of the credit economy in Hong Kong.

We have a long history of helping banks and money lenders in Hong Kong manage credit risk and enabling consumers from all walks of life to access credit and achieve their aspirations.”

said Marie Claire Lim Moore, Regional President of Asia Pacific and CEO of Hong Kong at TransUnion.