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Nova Credit
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NEWS
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21
MAR
2023
Nova Credit (NOVA) pleased to support licensed money lenders to participate in the MCRA “Common Module”
Please refer to Chinese version for more details.
20
MAR
2023
Nova Credit (NOVA) Market Report: the residential mortgage loans in negative equity stabilizes in the next 6 months
The latest survey from the Hong Kong Monetary Authority shows that the number of residential mortgage loans in negative equity has increased from 533 in 2022Q3 to 12,164 in 2022Q4, the highest record since 2005Q1. In February 2023, NOVA published a Negative Equity and Mortgage Delinquency Market Report which predicts that the upward trend of negative equity in the next 3 to 6 months will not continue, and the Hong Kong property price index is expected to rise by 0.3% to 2.7%. Click here to view the full report.
13
MAR
2023
Nova Credit Announces Estimated Bankruptcy Rate 0.170% in 2023 Q1
According to the latest macro-economic data (as of 2 March 2023) and the unemployment rate (provisional figures), NOVA announces the latest estimated bankruptcy rate for the next 12 months at 0.170%, which is equivalent to 9,520 bankruptcy cases by the end of February 2024 for 5.6 million credit population in Hong Kong. Calculation of this estimated bankruptcy rate is based on the latest macro-economic data up to 2 March 2023. According to the statistics released by the Census and Statistics Department, the year-on-year percentage change of GDP as of Q4 2022 is -4.2%, which affects the predicted bankruptcy rate. However, the impact was offset by the decline in unemployment. The unemployment rate decreased by 0.3% to 3.4% in January 2023 compared to November 2022. We expected that Hong Kong's economy will rebound significantly in 2023, as estimated by the HKSAR government. We will continuously monitor the macro-economic environment and its impact on the number of bankruptcy cases accordingly, and leverage innovative technology for sharing valuable findings with the banking sector for making more accurate and timely business decisions.
01
MAR
2023
Over A hundred Industry Representatives Attend Nova Credit “Your Credit Your Life” Luncheon
After almost five years of persistence and effort, Nova Credit (NOVA) has been officially named as a selected Credit Reference Agency under the Multiple Credit Reference Agencies (MCRA) Model at the end of November last year. To celebrate this milestone achievement, we held a "Your Credit Your Life" luncheon on February 17, 2023, which was attended by over a hundred industry representatives from more than fifty organizations, including banks, licensed money lenders and financial associations. We hoped to express our gratitude to the industry through this luncheon, thanking industry leaders and stakeholders for their continuous support and trust, while also sharing the latest developments of NOVA, engaging in opinion exchange, and sharing with the guests. Mr. Samuel Ho, CEO of NOVA in his welcome speech, reviewed the company's journey towards being selected, including how the company overcame market changes and challenges. Samuel also introduced NOVA's future development strategy, particularly focusing on strengthening its products and services in credit reference services and credit risk management, cross-boundary data connectivity, and FinTech solutions. Many guests at the event responded positively to Samuel’s sharing of NOVA's future development projects. NOVA appreciated the guests' positive feedback. We believed that the opinions shared during the event would help improve our services and drive NOVA towards a better direction. We would like to take this opportunity to thank the guests for their attendance, which made the luncheon a success. NOVA looks forward to continuing its close cooperation with the industry and seizing various future opportunities.
30
JAN
2023
Nova Credit Announces Estimated Bankruptcy Rate 0.176% in Q4 2022
According to the latest macro-economic data (as of 6 January 2023) and the unemployment rate (provisional figures), NOVA announces the latest estimated bankruptcy rate for the next 12 months at 0.176%, which is equivalent to 9,856 bankruptcy cases by the end of December 2023 for 5.6 million credit population in Hong Kong. (LinkedIn Post) Calculation of this estimated bankruptcy rate is based on the latest macro-economic data up to 6 January 2023. According to the statistics released by the Census and Statistics Department, the year-on-year percentage change of GDP as of Q3 2022 is -4.5%, and the unemployment rate decreased from 4.3% as of July 2022 to 3.7% as of November 2022. Although GDP has contracted year-on-year for three consecutive quarters, in Q3 the epidemic has begun to slow down and the labour market has further improved, most of the negative impact of GDP in the estimated bankruptcy rate has been offset by the impact of the unemployment rate. We will continuously monitor the macro-economic environment and its impact on the number of bankruptcy cases accordingly, and leverage innovative technology for sharing valuable findings with the banking sector for making more accurate and timely business decisions.
17
JAN
2023
NOVA’s CEO interview on “樓市C見”
Nova Credit’s CEO Samuel Ho and Mr SHIH Wing-ching, the founder of Centaline Property Agency Limited shared insights on personal finance management during a joint interview for am730 “樓市C見”. Surely you will have some great takeaways from the video. Check out the interview here: https://youtu.be/6oLh7Rl50Dg
29
DEC
2022
Nova Credit signed MOU at The 25th Beijing-Hong Kong Economic Cooperation Symposium
The 25th Beijing-Hong Kong Economic Cooperation Symposium was held in hybrid mode from 14 to 15 December, 2022. This year’s symposium is designed to foster investment between the two cities through high-end and efficient platforms. The symposium consists of a range of activities, including a cooperation summit and thematic exchanges on cooperation with five important memorandum signing. John Lee, Chief Executive of the Hong Kong Special Administrative Region, delivered a speech at the opening ceremony of the event. Mr. Lee mentioned that Hong Kong and Beijing have great room for cooperation, he also shared a few points of view on the development and measures of Hong Kong for promoting cooperation between the two cities, such as enhancing the competitiveness of both cities especially in financial industry, encouraging cooperation of innovation and technology, and creating synergy in the development of digital economy. NOVA and Beijing International Data Exchange signed the memorandum of understanding (MOU) for cooperation in cross-boundary credit data service at the event. For more details, please refer to Chinese version. (Image Source: news.gov.hk )
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