The deepened cooperation between mainland cities and Hong Kong drives significant growth of cross-boundary financial activities. However, the current barrier of cross-boundary data transfer is a critical restriction for Hong Kong financial institutions to effectively conduct risk assessments for mainland clients, including the Know You Customer (KYC) procedures for account opening and risk management of credit applications, thereby missing the huge potential market and business opportunities.

NOVA’s Cross-Boundary Customer Credit Report Verification (CBCRV) has taken the lead in establishing a compliant channel for the first-to-market cross-boundary verification service of personal credit reports issued by the Credit Reference Center, the People’s Bank of China, to address the challenges encountered in the financial industry.

Advantages of CBCRV:

The first party in the country that completed the filing of the Standard Contracts for Cross-border Transfer of Personal Information with the Chinese local cyberspace administration authority for the service

The Cyberspace Administration of China (“CAC”) promulgated the Measures on the Standard Contract for Cross-border Transfers of Personal Information (the “Standard Contracting Measures”) that became effective on 1 June 2023.

Enterprises and organisations transferring personal data out of the mainland, regardless of the quantity, must first enter into a standard contract and file it with the provincial-level cyberspace administration authority.

Please click here to read the Standard Contracting Measures and template of the Standard Contract for Cross-border Transfers of Personal Information.

NOVA’s Cross-Boundary Customer Credit Report Verification service has been successfully filed with the Chinese local cyberspace administration authority following the Standard Contracting Measures. NOVA is the first Hong Kong organisation to achieve this.

We are delighted to assist Hong Kong businesses on a non-profit basis by sharing our experience and key principles for filing the standard contract along with guidance on integrating cultural and standard requirements of the mainland and Hong Kong regions. And we hope that our experience sharing can benefit Hong Kong enterprises and organisations in developing cross-boundary businesses and promoting cross-boundary data flow.

To learn more, please contact us at [email protected] or call 3854 0188 .

With the rapid financial integration within the Guangdong-Hong Kong-Macao Greater Bay Area (GBA), there have been growing demands for cross-boundary KYC in the Hong Kong financial sector. However, the channels are limited for verifying individual identities and information of Mainland China customers in the market. We are the first credit reference agency to provide cross-boundary KYC in Hong Kong, intending to fulfill the increasing market needs and mitigate financial risk.

KYB (Know your business) is a crucial process for financial industries to identify and verify the business customer’s beneficial ownership and source of funds, etc.

However, there are very limited cross-boundary KYB and on-site visit services available in the current market for background checking of Mainland China companies. Cross-boundary KYB services may cause additional costs and resources for the process to ensure compliance with PRC and Hong Kong regulations.

Business Background Check Report

Business Background Check Report is a solution for financial institutions in providing KYB reports of Mainland China companies. It helps to gather business information of Mainland China companies legally and conveniently for customer due diligence, portfolio review and account opening. Our solution can enable financial institutions to offer cross-boundary services at a lower cost and provide a better customer experience for clients from Mainland China.

Business Information Report

NOVA has partnered with the leading operator for integrated business and commercial information – CRIF SPA, to deliver Business Information Reports with the latest corporate information across more than 230 countries and regions.

NOVA Check is a screening solution for detecting, managing and preventing risks for KYC. This service allows financial institutions to verify whether an individual customer has any negative records or political background.

NOVA Check is available for financial institutions from both Hong Kong and GBA.