Nova Credit
CIC Report V3 Nova Credit partners with CRIF to launch first CIC credit report service for Filipinos in Hong Kong 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.            
Nova&STRANDS (1) Strands and Nova Credit announce partnership to empower FI digital money management tools Nova Credit is pleased to announce an exciting strategic partnership with Strands, a CRIF company with distinctive expertise in Big Data, AI and Machine Learning, which creates highly-customizable digital money management software for top-tier financial institutions worldwide. The collaboration between Nova’s Fintech solutions and Strands finance management platform will prompt the acceleration of banking digitalization in the local market, according to the latest “Fintech 2025” initiative unveiled by the HKMA in mid-2021.   Strands is a FinTech software company, part of the CRIF Group, specialising in advanced digital banking solutions, providing a set of white-label services including personal financial management, business financial management, Engager and customer-linked offers.   Nova Credit is a credit reference agency specializing in serving banks and financial institutions with advanced customer analytics tools and financial management solutions, providing business insights for banks looking to grow their top-lines, as well as building a comprehensive digital banking ecosystem.   Through the partnership with Strands, Nova Credit will enhance its solution offerings to banks with Personal Financial Management (PFM) for retail customers and Business Financial Management (BFM) for SMEs via a SaaS platform. API tools such as PFM and BFM, provided by the SaaS platform, are up-running smoothly in Alibaba Cloud. Alibaba Cloud is the first cloud security provider to earn ISO27001 Information Security Management System Certification in China, is well-known for its high scalability and hybrid capability features.   This collaboration in advanced Fintech solutions and AI technology enables financial institutions and retail banks to easily develop customizable digital money management applications, with the aim to help customers to make smarter financial decisions. Ultimately, the AI-driven solutions will enhance customer experience, increase customer engagement, and generate new revenue for banks through digital channels.   Samuel Ho, CEO of Nova Credit, commented: “By partnering with Strands, Nova Credit is in a stronger position to fulfill increasing demands from banks for secured, smart and highly customizable financial management API. We are delighted to collaborate with Strands’ AI-driven technology for accelerating the digitalization in banks which is coherent with the “Fintech 2025” initiative.”   Edoardo Borsari, Managing Director of Strands, remarked: “We are delighted to work along with Nova Credit which partnership allows us to continue expanding in Greater Bay Area and to assist them in evolving their relationship with clients through innovative and easy financial management solutions. Nova Credit shares with us a strategic data-driven and customer-centric approach. Accelerating the digitalization in banks means leading a new concept of financial wellness for retail and SME’s customers and helping them to make smarter and well-informed decisions”   Vincenzo Resta, Regional Executive Director of CRIF, added:“This is a clear example of how, as strategic partners, CRIF is committed to bringing to Nova Credit our competencies and innovative assets to support the development of financial infrastructure in a GBA key node city like Hong Kong. We share Nova Credit’s vision and mission in Asia and we are thrilled with the partnership between Strands and Nova Credit.”              
image Nova Credit announced investment from CDH INVESTMENTS to accelerate growth Nova Credit Limited (“Nova”) is delighted to announce the company has successfully received a new round of growth investment of an undisclosed amount from CDH Investments, and CDH has become Nova’s second-largest shareholder. The fund will be utilized primarily on consumer bureau service development as well as other Greater Bay Area (GBA) initiatives.   CDH Investments is a leading alternative asset manager with a focus in the Greater China region and has approximately US$27 billion (as of December 31, 2021) assets under management.   Samuel Ho, CEO of Nova Credit Limited, welcomed CDH’s investment decision, “We are delighted to have CDH join the Nova family.  This is undoubtedly a symbolic achievement of Nova that our core values, innovations and contributions to GBA have been highly valued in addition to our core bureau business.  With our financial position strongest than ever, it will allow us to focus on pursuing our ultimate goals – to redefine the consumer bureau industry and to become the bureau of choice.”   Commenting on the investment, Max Hui, Managing Director of CDH Investments added that “In our quest for identifying suitable and quality investment opportunities, we believe that Nova is in well-positioned to make enormous contributions to reinforcing Hong Kong’s status as a financial, commercial and innovation center, raising the productivity and competitiveness of Hong Kong in the long run, and the greater good of Hong Kong and the GBA economy. We have been impressed with Nova and its management’s professionalism in credit bureau service and commitment to privacy and data protection. And in light of the global shift of emphasis to regulatory compliance across sectors, we have great confidence in Nova’s growth in data-driven RegTech, digital KYC, and digital anti-fraud spaces, that are value-accretive to global financial institutions and consumers.”   Nova Credit Limited has been named as one of the short-listed candidates for the “Multiple Credit Reference Agencies” as initiated by the local financial industries to specifically mitigate the systemic risk of the single point of failure in the current credit reference market in Hong Kong.