The Hong Kong Monetary Authority (HKMA) welcomes the joint announcement of 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 (collectively as the Industry Associations) today (28 November) on the launch of the Credit Reference Platform (CRP).
The HKMA has been working closely with the Industry Associations to introduce more than one consumer credit reference agency (CRA) in Hong Kong through the CRP, with a view to enhancing the service quality of consumer CRAs and reducing the operational risk of having only one commercially run service provider in the market, particularly the risk of single point of failure.
The HKMA fully supports the Multiple CRAs Model, which is an initiative in line with the “Fintech 2025” strategy in creating the next-generation data infrastructure and driving fintech development in Hong Kong. The HKMA would like to thank the Industry Associations, the Platform Operator, the Business Operator and other stakeholders for their enormous effort in developing the CRP and implementing the Multiple CRAs Model.
After the launch of the CRP today, participating credit providers will start to load consumer credit data onto the CRP. The selected CRAs will then download the consumer credit data from the CRP in preparation for their provision of consumer credit reference services.
Hong Kong Monetary Authority
28 November 2022