HKAB, DTCA and HKMA on Expansion of Coverage of Commercial Credit Data
Hong Kong Association of Banks (HKAB), DTC Association (DTCA), and HKMA jointly announced the coverage expansion of commercial credit data sharing through the Commercial Credit Reference Agency (CCRA) in Hong Kong. From December 01, 2017, the database will be expanded to cover more non-listed limited companies with an annual turnover of up to HKD 100 million, from the current threshold of HKD 50 million. HKAB, DTCA, and HKMA also updated the information leaflet on CCRA, which sets out the aim and benefits of the CCRA, the way it works, and its data security safeguards.
CCRA was established on November 01, 2004, under the industry’s initiative and with the strong support of HKMA. CCRA collects information about the indebtedness and credit history of business enterprises and makes this information available to lending institutions. It aims to strengthen credit risk management capacity of authorized institutions and to facilitate fair and effective access to credit by business enterprises. CCRA initially covered small and medium-size enterprises (SMEs), which were non-listed limited companies with an annual turnover up to HKD 50 million. Then, in March 2008, CCRA had expanded its coverage to include sole proprietorships and partnerships.
Keywords: Asia Pacific, Hong Kong, Banking, Commercial Credit Data, CCRA, HKAB, DTCA, HKMA
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