HKMA Addresses Nova Credit Limited’s Operational Cessation and Exit from Credit Data Smart

The Hong Kong Financial Authority (HKMA) has responded to the latest announcement by Nova Credit score Restricted (Nova) concerning its determination to stop operations and exit Credit score Knowledge Sensible, in response to the HKMA. The choice was influenced by Nova’s inside circumstances.

Compliance and Knowledge Safety Measures

The HKMA has been knowledgeable by the Hong Kong Affiliation of Banks, the Hong Kong Affiliation of Restricted License Banks and Deposit-taking Firms, and the Hong Kong S.A.R. Licensed Cash Lenders Affiliation Restricted (collectively known as the Trade Associations) about Nova’s determination. In response, the Trade Associations have mandated Nova to stick strictly to the service settlement necessities, together with the destruction of all private credit score knowledge downloaded from Credit score Knowledge Sensible. An unbiased third social gathering has been appointed to supervise this course of to make sure the safety of shoppers’ private credit score knowledge.

HKMA’s Oversight and Assurance

The HKMA has expressed its concern concerning the incident and has instructed the Trade Associations to deal with Nova’s private credit score knowledge responsibly whereas sustaining the conventional operations of Credit score Knowledge Sensible. The HKMA will hold shut communication with the Trade Associations and supervise the related duties to ensure that Nova’s exit is managed correctly and securely.

For extra data, go to the official HKMA web site.

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