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Press Releases

Commercial Credit Data Sharing to Cover Sole Proprietorships and Partnerships from 1 March 2008

The Hong Kong Association of Banks (HKAB), The DTC Association (DTCA) and the Hong Kong Monetary Authority (HKMA) jointly announced today (23 November) the upcoming expansion of the Commercial Credit Reference Agency (CCRA) in Hong Kong. From 1 March 2008, the CCRA will be expanded to cover sole proprietorships and partnerships.

The CCRA was established in November 2004 to address the need of small and medium-sized enterprises (SMEs) for greater access to credit, and of lending institutions for reliable credit information about their SME customers. The CCRA has to date collected over 75,000 credit records of 56,000 SMEs which operate as limited companies. Over the past three years, the total number of records maintained at the CCRA has nearly tripled (an increase of more than 48,000 records), while the number of SME limited companies covered has more than doubled (an increase of around 30,000 companies). Building on its experience and success, the CCRA will be expanded to cover sole proprietorships and partnerships from 1 March 2008.

"SME lending has grown remarkably in recent years. The CCRA has played a vital role in facilitating lending institutions' assessment of customers, and in enabling customers with a strong credit history to have faster access to credit at more competitive terms. More businesses will be able to enjoy the benefits of credit data sharing as they are included in the CCRA from 1 March 2008", said Mr Peter Sullivan, Chairman of HKAB.

"SMEs have always played a vital role in the economic growth of Hong Kong", said Mr Geoffrey Mansfield, Chairman of DTCA. "The expansion of the CCRA to include those businesses operating as sole proprietorships and partnerships is a very positive development in facilitating access to credit for those additional enterprises."

Mr Simon Topping, Executive Director (Banking Policy) of the HKMA, said, "The continued development of the CCRA will help further strengthen the credit risk management of the banking sector, which in turn will be conducive to enhancing the safety and soundness of the financial system."

HKAB, DTCA and the HKMA have issued a revised leaflet to provide more information about the expanded scheme, including the aim and benefits of the CCRA, its operation and data-security safeguards. The leaflet can be obtained from HKAB and DTCA members and is available at the respective websites of HKAB (www.hkab.org.hk), DTCA (www.dtca.org.hk) and the HKMA (www.hkma.gov.hk).

Annex

For further enquiries, please contact:

The Hong Kong Association of Banks
Ms Florence Hui, Secretary (2521 1160)

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

Hong Kong Monetary Authority
Mr Thomas Chan, Senior Manager (Press) (2878 1480)

The Hong Kong Association of Banks
The DTC Association
Hong Kong Monetary Authority
23 November 2007

Last revision date: 1 August 2011
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