HKAB’s Response to Nova Credit Limited’s Cessation of Operation and Exit from Credit Data Smart
31 July 2024
The Hong Kong Association of Banks, 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") received today a notification from Nova Credit Limited (“Nova”), one of the consumer credit reference agencies under Credit Data Smart. Because of its own circumstances, Nova has decided to cease operation effective immediately and exit from "Credit Data Smart."
Nova's withdrawal will not affect the operation of "Credit Data Smart." The Industry Associations will follow the exit protocol for consumer credit reference agencies, ensuring that Nova's withdrawal is conducted orderly, including overseeing Nova’s prompt destruction of all personal credit data downloaded from "Credit Data Smart”.
The Industry Associations have appointed an independent third party to closely monitor the relevant work to protect the security of consumers' personal credit data. The Office of the Privacy Commissioner for Personal Data, Hong Kong, has already been informed of the matter.
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