Commercial Credit Reference Agency Launched in Hong Kong

The Hong Kong Association of Banks (HKAB), The DTC Association (DTCA), the Hong Kong Monetary Authority (HKMA) and Dun & Bradstreet (HK) Ltd. (D&B) jointly announced today the launch of a Commercial Credit Reference Agency (CCRA) in Hong Kong. The CCRA, to be operated by D&B, the service provider appointed by the industry associations, will collate information about the indebtedness and credit history of small and medium-sized enterprises (SMEs) and make such information available to members of HKAB and DTCA for the purpose of granting, reviewing or renewing an SME's credit.

"With increased information about the creditworthiness of borrowers, SMEs with a good credit history will be able to obtain loans more quickly and at more competitive prices," said Mr. Julian Fong, Acting Chairman of HKAB. "At the same time, lending institutions can expedite the loan approval process and strengthen their credit risk management," he added.

Mrs. Lina Lee, Executive Committee member of DTCA, said, "Many members of the DTC Association are active lenders to SMEs. The services of the CCRA will undoubtedly enhance the credit risk assessment of lending institutions and enable them to provide better lending terms and rates to SMEs."

Mr. Arthur Yuen, Executive Director (Banking Development) of the HKMA, said, "CCRA is a common feature in leading financial centres. The setting up of a CCRA in Hong Kong is an essential element to enhance the safety and soundness of the financial system and is widely supported by both the financial industry and the business sector."

Mr. Lawrence Yee, Vice President & Managing Director of D&B, said, "After many months of close collaboration with HKAB, DTCA and HKMA, D&B is proud to be able to provide this world-class solution on schedule to help enhance the financial infrastructure in Hong Kong."

Contemporaneous with the launch of the CCRA, HKAB, DTCA and the HKMA have issued a revised leaflet on the CCRA to provide more up-to-date information about the scheme to the public. The leaflet can be obtained from HKAB and DTCA members and is available at the websites of the HKAB (www.hkab.org.hk), DTCA (www.dtca.org.hk), HKMA (www.hkma.gov.hk) and D&B (www.dnbasia.com/hk/english/ccra_detail.asp).

For further enquiries, please contact:

The Hong Kong Association of Banks
Ms. Katie Yip (2521 1160)

The DTC Association
Mr. P.C. Lund (2526 4079)

Hong Kong Monetary Authority
Mr. Thomas Chan (2878 1480)

Dun & Bradstreet (HK) Ltd.
Ms. Maisie Chan (2516 1100)

The Hong Kong Association of Banks

The DTC Association

The Hong Kong Monetary Authority

Dun & Bradstreet (HK) Ltd.

26 October 2004