Our Ref: B9/32C
17 December 2021
The Chief Executive
All Authorized Institutions
Dear Sir / Madam,
Preparation for Participation in the Credit Reference Platform
I am writing to remind authorized institutions (“AIs”) of timely preparation for
their participation in the Credit Reference Platform (“CRP”) which is scheduled
for launch by the end of 2022.
As you are aware, the Hong Kong Association of Banks (“HKAB”), the Hong
Kong Association of Restricted Licence Banks and Deposit-Taking Companies(“DTCA”) and the Hong Kong S.A.R. Licensed Money Lenders Association
Ltd. (collectively as “Industry Associations”) have been working on theinitiative of introducing more than one credit reference agency (“CRA”) forconsumer credit data in Hong Kong (i.e. Multiple CRAs Model) with a view toenhancing the service quality of consumer CRAs and reducing the operationalrisk of having only one consumer CRA in the market, particularly the risk ofsingle point of failure. The Hong Kong Monetary Authority (“HKMA”)
supports the initiative, in line with the “Fintech 2025” Strategy in creating thenext-generation data infrastructure and driving fintech development in HongKong.
The Supervisory Policy Manual (“SPM”) module on “The Sharing and Use ofConsumer Credit Data through a Credit Reference Agency” (IC-6) sets out theHKMA’s expectations on AIs that are involved in the provision of consumer
credit to participate in the sharing and use of consumer credit data. An industry

-2-consultation was conducted in December 2020 on the proposed revisions to theSPM module, which elaborated on the HKMA’s expectations in theparticipation of such AIs in the Multiple CRAs Model developed by the Industry
Associations with the support of the HKMA. The revised version of the SPM
module will be issued in due course.
To ensure a smooth launch of the CRP as scheduled, AIs are reminded to taketimely actions to prepare for their participation in the CRP. In particular, AIs
are reminded to follow the advice of the Industry Associations issued from time
to time and work closely with Hong Kong Interbank Clearing Limited(“HKICL”), the CRP Platform Operator, to achieve the key milestones in the
coming months in the run-up to the target launch date of the CRP as set out inthe Annex.
If you have any questions on this circular, please contact Ms Katrina Ng at2878-1338 or Mr Chris Hui at 2878-1708. For questions about the Multiple
CRAs Model, please contact the Industry Associations.

Yours faithfully,

Alan Au
Executive Director (Banking Conduct)
Encl.
c.c.

The Chairperson, HKAB
The Chairperson, DTCA

AnnexPreparatory Work in the Development of the CRPKey Milestones by AIs

Expected Start Date

Internal system development by AIs
Set-up of connectivity of AIs with the CRP
Technical onboarding administration
Member test
Simulation test

From November 2021 onwards
March 2022
April 2022
June 2022
August 2022

AIs are reminded to refer to the information distributed by the Industry
Associations and/or HKICL from time to time for the exact start and completion
dates of the key milestones. In addition, AIs should get prepared for initial dataload with data stored by AIs at the earlier request of HKAB 1 and DTCA 2.
The Industry Associations have commenced distribution of the functional
specification of the Multiple CRAs Model for credit providers to prepare forsystem integration with the CRP 3, and have arranged relevant briefing sessionsfor them. AIs involved in the provision of consumer credit are reminded tocollect a copy of the functional specification from the Industry Associations,study the specification in details and commence system development as soon aspracticable, if they have not already done so. AIs are also strongly encouraged
to participate actively in the briefing sessions to be arranged by the IndustryAssociations.

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Please refer to HKAB’s circular S/20/166 dated 12 August 2020 with the title of “Multiple Credit
Reference Agencies (CRAs) Model – Request for Commencement of Data Storage”.
Please refer to DTCA’s circular dated 13 August 2020 with the title of “Multiple Credit ReferenceAgencies (CRAs) Model – Request for Commencement of Data Storage”.
Please refer to HKAB’s circular S/21/293 dated 28 October 2021 and DTCA’s circular dated 29
November 2021, both with the title of “Multiple Credit Reference Agencies (CRAs) Model:
Functional Specification”.