HSBC, Nova Credit to Offer Borderless International Credit Checking

Nova Credit, which claims to be one of the world’s leading consumer-permissioned credit bureaus, announced that it has partnered with HSBC (NYSE: HSBC) in order “to provide the bank with global access to its cross-border credit data product, Credit Passport, creating more opportunities for credit access to cross-border customers across the globe.”

This partnership will “allow HSBC to access the translated credit history of new-to-country consumers as part of their credit applications, upon their permission.”

This innovative solution “will enable the bank to make more real-time application approvals responsibly and at a greater scale.” The first deployment, with HSBC Singapore, “launched in May.”

To underscore its support for Nova Credit and accelerate its global expansion, HSBC Ventures has “made an investment of $10 million in the company.”

Historically, credit history has “stopped at the border, preventing many financial services companies and lenders from being able to serve customers who have proven creditworthiness in their home country, but arrive credit invisible.”

Credit Passport seamlessly and securely “integrates into a financial institution’s credit application process, enabling applicants’ global credit records and score to be instantly accessed in just a few clicks.”

HSBC Singapore is “the first HSBC entity to launch the capability as part of the bank’s global rollout, also making it the first organization ever to implement Credit Passport outside of the U.S., enabling it to instantly access the translated credit history of new-to-country consumers moving to Singapore, facilitating quicker access to credit for them.”

Nova Credit and HSBC Singapore will initially “use Credit Passport to support the thousands of new to Singapore customers with credit history in India.”

The bank intends “to expand the coverage of the solution to include customers with a credit history in Australia, the United Kingdom and the Philippines in 2022, and to more country bureaus in 2023, making it available to even more Singapore newcomers.”

Taylan Turan, Group Head of Retail Banking and Strategy, Wealth and Personal Banking at HSBC, said:

“Opening up a world of opportunity, sits at the core of HSBC’s purpose, and we’re always passionate about identifying new ways to solve problems faced by our International customers. Accessing credit in a new market can be a challenge and is something we’ve been helping customers with for years. We’re excited to be partnering with Nova Credit, to improve our ability to do this even more, with its innovative digital Credit Passport. We’re proud to be the first organisation to offer this to customers in Singapore.”

As a testament to their belief in Nova Credit’s vision to stitch together the world’s financial system, HSBC Ventures has “invested $10 million in the company.”

This investment will “enable Nova Credit to support HSBC as they accelerate the deployment of Credit Passport around the globe.”

For more details on this announcement, click here.

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