Nova Credit
Nova EBR Update_20220620 Nova Credit Announces Estimated Bankruptcy Rate 0.185% in Q2 2022 According to the latest macro-economic data (as of 1 June 2022) and the unemployment rate (provisional figures) released on 17 June 2022, NOVA announces the latest estimated bankruptcy rate for the next 12 months at 0.185%. Based on the 5.6 million HK credit-eligible population, the estimated number of bankruptcy is about 10,472, which is slightly more than 7,197, the number of bankruptcy petitions in 2021 recorded by the Official Receiver’s Office throughout the year. Calculation of this estimated bankruptcy rate is based on the latest macro-economic data in recent months, during the fifth wave of the epidemic in Hong Kong, two important indicators—the unemployment rate and gross domestic product (GDP) were significantly adversely affected. Undoubtedly, the tightening of anti-epidemic measures has seriously impacted the local economy. The local economy deteriorated significantly in the first quarter of 2022. The GDP in the first quarter of 2022 fell by 9.77% from the fourth quarter of 2021. The latest figure is 6,726.17 million HKD, decreased 4.0% year-on-year. Personal Consumption Expenditure (PCE), an important consumption factor for GDP, also fell 13.73% quarter-on-quarter. Meanwhile, the unemployment rate rise from 3.9% where is the lowest point in the past six months in November 2021 - January 2022 to 5.4% in February - April 2022, then fall slightly to 5.1% in the latest March – May 2022.  It is expected that economic in Hong Kong to resume normalcy under a stable epidemic situation while continue to adjust the social distancing measures in a timely manner according to Paul Chan, the Financial Secretary of Hong Kong, told a Legislative Council panel on 6 June 2022. We will continuously monitor the macro-economic environment and its impact on the number of bankruptcy cases accordingly, leverage innovative technology for sharing valuable findings with the banking sector for making more accurate and timely business decisions.
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.”