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

The Hong Kong Monetary Authority (HKMA) has responded to the recent announcement by Nova Credit Limited (Nova) regarding its decision to cease operations and exit Credit Data Smart, according to the HKMA. The decision was influenced by Nova’s internal circumstances.

Compliance and Data Security Measures

The HKMA has been informed by the Hong Kong Association of Banks, the Hong Kong Association of Restricted License Banks and Deposit-taking Companies, and the Hong Kong S.A.R. Licensed Money Lenders Association Limited (collectively referred to as the Industry Associations) about Nova’s decision. In response, the Industry Associations have mandated Nova to adhere strictly to the service agreement requirements, including the destruction of all personal credit data downloaded from Credit Data Smart. An independent third party has been appointed to oversee this process to ensure the security of consumers’ personal credit data.

HKMA’s Oversight and Assurance

The HKMA has expressed its concern regarding the incident and has instructed the Industry Associations to handle Nova’s personal credit data responsibly while maintaining the normal operations of Credit Data Smart. The HKMA will keep close communication with the Industry Associations and supervise the associated tasks to guarantee that Nova’s exit is managed properly and securely.

For more information, visit the official HKMA website.

Image source: Shutterstock