HKMA Supports “Credit Data Smart” Pilot to Enhance Credit Reporting Servicesby Fintech News Hong Kong November 20, 2023
The Hong Kong Monetary Authority (HKMA) has expressed its support for the newly launched pilot programme, “Credit Data Smart”.
This initiative, announced by key banking and financial industry associations on 17 November, is part of the broader “Fintech 2025” strategy aimed at advancing Hong Kong’s financial technology infrastructure.
“Credit Data Smart” aims to introduce multiple consumer credit reference agencies (CRAs) in Hong Kong through the Credit Reference Platform.
This approach is expected to foster competition in the consumer credit reference services sector, enhance service quality, and reduce operational risks associated with relying on a single service provider.
The programme is a collaborative effort involving the Hong Kong Association of Banks, the Hong Kong Association of Restricted Licence Banks and Deposit-taking Companies, and the Hong Kong S.A.R. Licensed Money Lenders Association Limited.
The HKMA has commended the efforts of all parties, including platform operators, business operators, CRAs, and other stakeholders, in the development and implementation of “Credit Data Smart”.
HKMA said in a statement,
“The launch of the pilot programme is an important step in the implementation of “Credit Data Smart”.
The HKMA looks forward to seeing the three selected CRAs officially offer the public with secure and reliable consumer credit reference services upon the completion of the pilot programme.”