{"id":7430,"date":"2024-04-19T18:19:47","date_gmt":"2024-04-19T10:19:47","guid":{"rendered":"https:\/\/mpl.hk\/?p=7430"},"modified":"2024-04-22T18:22:14","modified_gmt":"2024-04-22T10:22:14","slug":"hongkongers-will-get-access-to-more-than-one-credit-reference-agency-under-new-scheme-aimed-at-promoting-competition","status":"publish","type":"post","link":"https:\/\/mpl.hk\/hongkongers-will-get-access-to-more-than-one-credit-reference-agency-under-new-scheme-aimed-at-promoting-competition\/","title":{"rendered":"Hongkongers will get access to more than one credit reference agency under new scheme aimed at promoting competition"},"content":{"rendered":"<ul class=\"css-1mniedq eq9i94312\" data-qa=\"ContentSchemaRender-defaultRenderMapFunctions-Component-0\">\n<li class=\"css-1mniedq eq9i94311\" data-qa=\"ContentSchemaRender-defaultRenderMapFunctions-Component-0\">The Credit Data Smart programme will enable people to get a free report from Nova Credit, PingAn OneConnect Credit and TransUnion Credit<\/li>\n<li class=\"css-1mniedq eq9i94311\" data-qa=\"ContentSchemaRender-defaultRenderMapFunctions-Component-2\">\u2018It gives the entire system much more resilience going forward,\u2019 says Luanne Lim, chairman of the Hong Kong Association of Banks<\/li>\n<\/ul>\n<p>&nbsp;<\/p>\n<div class=\"e15kmbpe0 css-1xdhyk6 e1346ty30\" data-qa=\"Component-Component\">A new operating model enabling Hongkongers to use the services of multiple credit reference agencies (CRAs) for the first time will start on April 26, the\u00a0<a class=\"euc41pk0 e13op9j60 e1qbu6wp1 css-jgjyn2 ef1hf1w0\" href=\"https:\/\/www.scmp.com\/business\/banking-finance\/article\/3249076\/cheques-end-nigh-hong-kongs-banks-set-road-map-phase-out-paper-payment-their-embrace-e-payments?module=inline&amp;pgtype=article\" data-qa=\"BaseLink-renderAnchor-StyledAnchor\" target=\"_blank\" rel=\"noopener\"><span class=\"css-0 e1qbu6wp0\" data-qa=\"Component-Text\">Hong Kong Association of Banks (HKAB)<\/span><\/a>\u00a0and two other industry groups announced on Thursday.<\/div>\n<p class=\"e15kmbpe0 css-1c6uqr6 e1346ty31\" data-qa=\"Component-Component\">The programme, called Credit Data Smart, aims to promote competition in the consumer credit reference industry and enhance service quality.<\/p>\n<p class=\"e15kmbpe0 css-1c6uqr6 e1346ty31\" data-qa=\"Component-Component\">It will enable people to obtain a free credit report from three CRAs, namely Nova Credit, PingAn OneConnect Credit Reference Services Agency and TransUnion Credit Information Services, once every 12 months.<\/p>\n<p class=\"e15kmbpe0 css-1c6uqr6 e1346ty31\" data-qa=\"Component-Component\">The introduction of the programme marks an important milestone in the development of consumer credit reference services in Hong Kong, as the city only had TransUnion as its sole CRA previously. By involving the participation of multiple institutions, the new model can provide more secure and reliable consumer credit reference services to the market, according to HKAB.<\/p>\n<p class=\"e15kmbpe0 css-1c6uqr6 e1346ty31\" data-qa=\"Component-Component\">\u201cIt gives the entire system much more resilience going forward, and that competition will also create much better service quality for consumers and for banks alike,\u201d said Luanne Lim, chief executive officer of HSBC Hong Kong and the chairman of the HKAB, at a press conference on Thursday. \u201cSo I think that\u2019s a really big leap for us.\u201d<\/p>\n<p class=\"e15kmbpe0 css-1c6uqr6 e1346ty31\" data-qa=\"Component-Component\">The announcement comes as global credit risks have risen over the past years driven by economic recessions and industrial crises, hurting banks\u2019 lending efficiency.<\/p>\n<p class=\"e15kmbpe0 css-1c6uqr6 e1346ty31\" data-qa=\"Component-Component\">Last month, China\u2019s top four state-owned banks reported a more than 10 per cent increase in bad loans last year to 1.23 trillion yuan (US$170 billion), as credit pressure rose in areas closely tied to the troubled property sector.<\/p>\n<p class=\"e15kmbpe0 css-1c6uqr6 e1346ty31\" data-qa=\"Component-Component\">\u201cIn terms of the credit landscape, we do expect to face some headwinds,\u201d said Arthur Yuen Kwok-hang, deputy CEO of the Hong Kong Monetary Authority (HKMA), on Thursday.<\/p>\n<p class=\"e15kmbpe0 css-1c6uqr6 e1346ty31\" data-qa=\"Component-Component\">\u201cThe mainland property developers\u2019 situation has not really settled, and therefore we are reminding the banking systems to be on high alert to the credit risk landscape and to manage the risk properly.\u201d<\/p>\n<p class=\"e15kmbpe0 css-1c6uqr6 e1346ty31\" data-qa=\"Component-Component\">In the uncertain industry environment, HKMA is urging banks to continue to provide adequate support to small and medium-sized enterprises (SMEs), as well as other sectors that are facing operational challenges.<\/p>\n<p class=\"e15kmbpe0 css-1c6uqr6 e1346ty31\" data-qa=\"Component-Component\">The HKMA, together with the Banking Sector SME Lending Coordination Mechanism, announced last month a series of measures to assist small businesses in obtaining financing from banks and to support their continuous development. Key measures included offering credit products and support services that better serve their needs, and lowering interest charges and fees.<\/p>\n<p data-qa=\"Component-Component\">Sources: <a href=\"https:\/\/www.scmp.com\/business\/money\/spending\/article\/3259530\/hongkongers-will-get-access-more-one-credit-reference-agency-under-new-scheme-aimed-promoting?campaign=3259530&amp;module=perpetual_scroll_0&amp;pgtype=article\" target=\"_blank\" rel=\"noopener\">SCMP<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>The Credit [&hellip;]<\/p>\n","protected":false},"author":3,"featured_media":7426,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[382],"tags":[],"class_list":["post-7430","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-licensed-money-lenders-industrial-news"],"acf":[],"lang":"en","translations":{"en":7430,"zh":7423},"pll_sync_post":[],"_links":{"self":[{"href":"https:\/\/mpl.hk\/wp-json\/wp\/v2\/posts\/7430","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/mpl.hk\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/mpl.hk\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/mpl.hk\/wp-json\/wp\/v2\/users\/3"}],"replies":[{"embeddable":true,"href":"https:\/\/mpl.hk\/wp-json\/wp\/v2\/comments?post=7430"}],"version-history":[{"count":4,"href":"https:\/\/mpl.hk\/wp-json\/wp\/v2\/posts\/7430\/revisions"}],"predecessor-version":[{"id":7434,"href":"https:\/\/mpl.hk\/wp-json\/wp\/v2\/posts\/7430\/revisions\/7434"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/mpl.hk\/wp-json\/wp\/v2\/media\/7426"}],"wp:attachment":[{"href":"https:\/\/mpl.hk\/wp-json\/wp\/v2\/media?parent=7430"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/mpl.hk\/wp-json\/wp\/v2\/categories?post=7430"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/mpl.hk\/wp-json\/wp\/v2\/tags?post=7430"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}