Regulatory Alerts2018-05-09
Added · Updated
Credit Risk Management for Personal Lending Business
The Hong Kong Monetary Authority permits authorized institutions to adopt technology-enabled credit risk management techniques for a designated New Personal-Lending Portfolio. This initiative allows institutions to depart from conventional documentation requirements, such as income and address proof, provided the portfolio remains within strict size limits and adheres to responsible lending principles. The regulator also clarifies that existing credit assessment standards for loan-on-card facilities remain applicable and that alternative address verification measures are acceptable if they demonstrate equivalent risk management effectiveness.
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