Thu. Mar 16th, 2023

Nova Credit, a global consumer-approved credit research firm, announced on the 28th that it will partner with HSBC to provide customers around the world with access to credit information with its cross-border credit data product “Credit Passport®.”

The partnership will allow HSBC to access translation of credit records related to customers in new countries using bank credit applications under customer approval. And thanks to these innovative solutions, approvals for large, real-time information requests can be handled in a responsible manner. This product was first distributed to HSBC Singapore in May.

HSBC Ventures has invested $10 million to strengthen support for Nova Credit and promote global expansion.

Starting with Singapore, global distribution begins

Until now, credit records have been blocked from sharing between countries. For this reason, many financial service companies and lenders were unable to provide services to customers who entered the country with uncertain credit, even if their creditworthiness was proven in their home countries. Credit Passport is seamlessly and securely integrated into the credit information request process of financial institutions, allowing users to immediately view their global credit records and scores with a few clicks.

HSBC Singapore was the first bank under HSBC to introduce the function during the global launch process. In the future, as the first institution to implement credit passports outside the United States, it will immediately move the translated credit records of new customers to Singapore to help customers utilize credit information faster.

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