The Hong Kong Monetary Authority (“HKMA”) recently released a revised SPM module IC-6 “The Sharing and Use of Consumer Credit Data through Credit Reference Agencies”. It sets out guidelines under section 16(10) of Banking Ordinance (Cap 155).
Pursuant to the changes in the revised SPM, the HKMA expects authorised institutions (“AIs”) to participate to the extent possible in the sharing and use of consumer credit data through credit reference agencies (“CRAs”) under the Multiple CRAs Model via the Credit Reference Platform (“CRP”). CRP is a computer network and system operated independently which serves as a data switch between credit providers and the CRAs.
The launch date of the CRP is scheduled for the end of 2022, and the effective date of the CRP will be announced by the HKMA in due course.
To access a full copy of the revised SPM, please see here.
For further information, please contact:
Simon Deane, Deacons
simon.deane@deacons.com
