CRIF HONG KONG collaborates with Nova Credit to help SME development in the Greater Bay Area

On June 22, during the 7th China (Guangzhou) International Finance EXPO (GZIFE), the “Helping SME development in the GBA and promoting international cooperation” Forum was held. During the event, CRIF Hong Kong Limited signed a cooperation agreement with Nova Credit Limited and various other companies and associations. The aim of the agreement is to help the government establish a unified evaluation standard for credit reference, involving credit data and reliability assessment, in a bid to eliminate information asymmetry, promote openness and transparency in the management of financial assets in the Greater Bay Area (GBA - Guangdong, Hong Kong and Macao), and connect with the rest of the world.

The founding of Nova Credit is backed by a number of banks and financial institutions in Hong Kong. It is also the second credit reference company registered with the Hong Kong Monetary Authority and the Office of the Privacy Commissioner for Personal Data, bringing in a new era of the industry as well as personal credit risk management in Hong Kong.

“We are pleased to be collaborating with Nova Credit and the other partners involved in this initiative. CRIF, as a global company specializing in credit reference, business information, outsourcing and processing services and credit solutions, is highly experienced in platform construction projects and has become a leading business information supplier in the ASEAN region and its peripheral markets. So far, CRIF’s data coverage has reached 12 countries in the region, and the company operates in six countries or regions, served by an international team of professionals, boasting around 350 members”, commented Enrico Lodi, General Manager of CRIF, during his signing ceremony speech.

The cooperation agreement involves, among others, Nova Credit, CRIF, the Guangzhou Association of Microcredit Companies, Guangzhou Folk Financial Street Credit Reference Limited, and the Credit Management Association of the Philippines (CMAP).

Speaking at the forum, Dickson So, Chairman of the Board of Nova Credit, noted that the great era of mobile internet has arrived, and foreign credit reference companies are going professional in terms of employing data processing technology to promote mutual trust between different industries. This will help the entire banking system, and foster mutual trust between the regions. Nova Credit is committed to establishing an international scoring standard and rating model approved by foreign financial institutions, so as to align the GBA rating standard in an organic way with international standards and practices, helping private and public entities to attract high-quality foreign capital.