Hong Kong Association of Banks (HKAB) has introduced more than one credit reference agency (CRA) to enhance service quality and reduce operational risk. In line with this initiative, the Hong Kong Monetary Authority (HKMA) will launch a new Credit Reference Platform (CRP) in the autumn of 2022 as an interface for Credit Providers (CPs) and CRAs to share consumer credit information.
Credit Providers such as Licensed Banks should connect to the new CRP to carry out credit reference checks and data contribution by Oct 2022, while Money Lenders and other authorised institutions should be ready by November 2023. This is based on the timeline suggested by the HKMA. With such a limited timeline, Credit Providers not only need to develop new API platforms to connect and integrate their systems with the CRP, they also need to adjust their operation flows quickly to adopt the new process. When developing their new platforms, they will also need to consider whether their security meets the new standards. So, are you ready for the changes?
As a leader in FinTech, HKT is launching tailored end-to-end CRP Gateway Solutions to help Credit Providers to prepare for their participation in the new CRP in a timely manner. The Solutions include:
To get ready for the new CRP model, let us help you customise your end-to-end CRP Gateway Solution with a free consultation.
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