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Press Releases

Coverage of Commercial Credit Database to Expand

The Hong Kong Association of Banks (HKAB), the DTC Association (DTCA) and the Hong Kong Monetary Authority (HKMA) jointly announced today (25 August 2017) the expansion of the coverage of commercial credit data sharing through a Commercial Credit Reference Agency (CCRA) in Hong Kong.

The CCRA, aiming at strengthening authorized institutions (AIs)’ credit risk management capacity and facilitating fair and effective access to credit by business enterprises, was established on 1 November 2004 under the industry’s initiative with the strong support of the HKMA.  When launched in 2004, the CCRA initially covered small and medium-sized enterprises (SMEs) which were non-listed limited companies with an annual turnover up to HKD50 million.  In March 2008, the CCRA has expanded its coverage to include sole proprietorships and partnerships.  The CCRA has to date collected over 176,000 credit records of 119,000 companies which operate as limited companies, sole proprietorships or partnerships.  In the light of market development and practical experience, from 1 December 2017 the database will be further expanded to cover more non-listed limited companies with an annual turnover of up to HKD100 million, from the current threshold of HKD50 million.

Mrs Ann Kung, Acting Chairperson of HKAB, said, “The expansion of the CCRA’s coverage reflects that the banking industry is in support of SME’s financing which will enhance their competitiveness and maintain their long-term growth.  This initiative will also enhance credit risk management of banks in SME lending.  In the coming months, individual banks will be reaching out to their relevant customers to provide relevant information.”

Mr Huat Oon Lee, Acting Chairman of the DTCA, said, “We are more than happy to see this most recent expansion in the CCRA operation which will bring advantages to both lending institutions and borrowers.   Lenders will make more accurate credit risk assessment that may translate into more favourable lending terms for borrowers.”

Ms Carmen Chu, Executive Director (Banking Conduct) of the HKMA, said, “I am pleased that the coverage of the commercial credit database will be expanded to further enhance its comprehensiveness and relevance, and to facilitate more businesses, especially for SMEs, to have reasonable access to bank credit.  The HKMA will continue to work with the industry to promote responsible lending and borrowing, and sustainable market development of the banking industry.”

HKAB, the DTCA and the HKMA have updated the information leaflet on CCRA, which sets out the aim and benefits of the CCRA, how it works and data security safeguards.  The leaflet can be obtained from member institutions of HKAB and DTCA 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).

                                 

Hong Kong Association of Banks
DTC Association
Hong Kong Monetary Authority
25 August 2017

Last revision date: 25 August 2017
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