HKMA welcomes the commencement of service of “Credit Data Smart”

The Hong Kong Monetary Authority (HKMA) has expressed its support for the launch of “Credit Data Smart” on April 26. This initiative is a result of collaboration between 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 goal of introducing multiple consumer credit reference agencies (CRAs) in Hong Kong is to promote market competition, improve the quality of consumer CRAs, and reduce operational risks associated with having a single service provider. By offering secure and reliable consumer credit reference services from multiple CRAs, the implementation of “Credit Data Smart” will represent a significant milestone in the development of consumer credit reference services in Hong Kong. The HKMA’s endorsement of “Credit Data Smart” aligns with its broader objective of fostering fintech development and building a next-generation data infrastructure in Hong Kong, as part of the “Fintech 2025” strategy. By diversifying the availability of consumer credit reference services, the HKMA aims to enhance service quality and mitigate the risk of relying solely on one commercially operated provider. The HKMA anticipates that the introduction of “Credit Data Smart” will provide the public with increased access to reliable credit information, thus contributing to a more competitive and robust consumer credit market in Hong Kong. Resources: https://www.hkma.gov.hk/eng/news-and-media/press-releases/2024/04/20240418-5/