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”) have announced the complete migration of consumer credit reference services in Hong Kong to “Credit Data Smart” as of November 24, 2024, marking the conclusion of the parallel run.
“Credit Data Smart" is a multiple credit reference agencies operating model. It aims to introduce market competition to mitigate the operational risks associated with relying on one consumer credit reference agency (“CRA”) in the market. The initiative also seeks to elevate the service quality of CRAs in Hong Kong and benefit consumers.
Since the commencement of service on April 26, 2024, “Credit Data Smart” has been operating smoothly. The migration from the pre-existing platform operated by a single credit reference agency to the “Credit Reference Platform” under "Credit Data Smart" took place on November 24, 2024 as planned, and the parallel run of the old and new platforms concluded on the same day, marking a significant milestone in the development of the consumer credit reference services market in Hong Kong.
The Industry Associations will continue to maintain close collaboration with CRAs. We will continually review and monitor the operations of “Credit Data Smart” to ensure its ongoing success and effectiveness.