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November 24, 2017

HKMA published the revised Supervisory Policy Manual (SPM) Module IC-7 on sharing and use of commercial credit data through a commercial credit reference agency (CCRA). CCRA is an organization that gathers and collates information about the indebtedness and credit history of commercial enterprises and makes such information available to lending institutions.

Module IC-7 specifies the minimum standards that authorized institutions should observe in relation to the sharing and use of commercial credit data through a CCRA. Revisions to the module were made in the light of the latest industry initiative to expand the coverage of the commercial credit database in Hong Kong on December 01, 2017. Module IC-7 is applicable to authorized institutions that are involved in the provision of credit to commercial enterprises, which fall within the definitions of small and medium-size enterprise (SME) Limited Companies and Unlimited Companies. HKMA believes that the establishment of a full-fledged CCRA will bring significant benefits to Hong Kong, as CCRA will:

  • Provide authorized institutions with a fuller picture of the credit worthiness of their corporate customers, thus helping to strengthen their credit risk management. This will be conducive to HKMA’s efforts in maintaining the safety and soundness of the banking system.
  • Improve the credit transparency of the corporate sector, thus making it easier and quicker for borrowers to seek bank finance.

Keywords: Asia Pacific, Banking, Commercial Credit Data, CCRA, Credit Risk, HKMA

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