The Hong Kong Monetary Authority (HKMA) announced the successful transition of consumer credit reference services to Credit Data Smart, which aims to improve competition and service quality in the financial sector. This transition was completed in collaboration with multiple organizations, such as the Hong Kong Association of Banks and the Hong Kong S.A.R.
Licensed Money Lenders Association Limited. The HKMA has been working to introduce multiple consumer credit reference agencies in Hong Kong to foster competition and mitigate the risks associated with relying on a single provider. This move is expected to enhance the resilience and efficiency of Hong Kong’s consumer credit services and benefit consumers and the wider financial ecosystem.
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