Nova Credit partners with CRIF to launch first CIC credit report service for Filipinos in Hong Kong

HONG KONG SAR - Media OutReach - 16 May 2022 - Nova Credit is pleased to announce the launch of the Credit Information Corporation (CIC) credit report service, in partnership with CRIF, for Hong Kong-based Filipinos. With the support of CRIF's international operations, NOVA is the first Hong Kong credit reference agency to offer CIC credit reports upon the request and consent of Filipino individuals. The CIC credit report enhances the effectiveness of Filipino domestic helpers' employment checks and can be used for a better understanding of their credit backgrounds.

The CIC is the Philippines' sole public credit registry and repository of credit information, hosting credit data of 30.7 million individuals with more than a hundred million loan contracts. It is the largest, most comprehensive credit database in the Philippines and derives its mandate to collect, consolidate and disseminate the credit data of Filipino borrowers under Republic Act No. 9510, otherwise known as the Credit Information System Act (CISA). With a data coverage spanning over 30 million borrowers, or approximately 45 percent of the country's adult population, its data represents a significant portion of the credit activity in the Philippines. Unlike other providers, CIC's credit report consolidates both positive and negative credit data of borrowers across different loan types, thereby providing a comprehensive view of an individual's creditworthiness.

In protecting the personal data privacy, the facilities and operations of Nova Customer Service Centre fully comply with the relevant requirements under the Personal Data (Privacy) Ordinance.

CIC President and CEO Ben Joshua Baltazar remarked: "We are thrilled to be working with Nova Credit Limited in Hong Kong. There are currently over 200,000 Filipinos working in Hong Kong and having convenient access to their credit reports to prove their creditworthiness, through this service, will be very helpful to them in availing credit facilities and even securing employment opportunities."

Vincenzo Resta, Regional Executive Director of CRIF, added that "CRIF has been committed for years to digital financial inclusion. We are thrilled that we can continue to increase such inclusion by supporting the creation of regional financial infrastructure."

"The CIC credit report provides feasibility for employment checks and satisfies the demand for background checks as well as more thorough understanding of credit status, hence enabling better financial and employment inclusion." said Samuel Ho, Chief Executive Officer of Nova Credit.

Details about NOVA CIC credit report service: https://www.nova-credit.com

About Nova Credit

Nova Credit Limited is a credit reference agency (CRA) established under the framework of The Personal Data (Privacy) Ordinance of Hong Kong in 2017. Nova Credit is one of the credit reference agencies that participates in the Multiple Credit Reference Agencies Model (“MCRA Model”) initiated by the Hong Kong Association of Banks, the Hong Kong Association of Restricted Licence Banks and Deposit-Taking Companies and Hong Kong S.A.R. Licensed Money Lenders Association Ltd and supported by the Hong Kong Monetary Authority. Nova Credit aims to provide innovative credit reference services to consumers and Small and medium-sized enterprises (SMEs) via emerging high-end technology. Moreover, Nova Credit acts as Fintech enabler for the financial industry, so that financial institutions can fully benefit from state-of-the-art credit & risk technology and smart data analytics. Nova Credit is ready to take the credit reference service in Hong Kong to the next level by contributing to the development of the Greater Bay Area and connecting other CRAs and financial infrastructure in the region for legitimate and seamless access to financial data. For more details, please visit www.nova-credit.com.

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