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LMLA welcomes the launch of the Credit Reference Platform

The Hong Kong Association of Banks (HKAB), The DTC Association (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, "Industry Associations") are delighted to announce that the Credit Reference Platform (CRP) has officially commenced operation on November 28, 2022. The three credit reference agencies (CRAs) shortlisted under the Multiple Credit Reference Agencies (MCRA) Model are Nova Credit Limited, PingAn OneConnect Credit Reference Services Agency (HK) Limited and TransUnion Credit Information Services Limited.

After the launch of the CRP, participating credit providers will 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. By introducing the MCRA Model, the Industry Associations can strengthen the protection and use of personal data and establish dedicated teams to monitor the operations of credit data service providers. This helps ensure the security and privacy protection of personal data while promoting the development of financial technology in Hong Kong. We believe that the launch of the MCRA model is a major milestone in the development of consumer credit data services in Hong Kong.



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