The Hong Kong Monetary Authority (HKMA) was notified by industry associations that Nova Credit Limited will cease operations and exit Credit Data Smart. The industry associations have instructed Nova to destroy all personal credit data from Credit Data Smart promptly. An independent third party will monitor this process to ensure data security. The HKMA has expressed concern over the incident and has requested that the industry associations manage Nova’s data appropriately and ensure the continued operation of Credit Data Smart. The HKMA will keep in close contact with the industry associations to oversee Nova’s exit.
Resources: https://www.hkma.gov.hk/eng/news-and-media/press-releases/2024/07/20240731-9/
