Regulatory Alerts2020-09-04
Added · Updated
Enhanced Disclosure Measures for Digital Platforms Applying for Unsecured Loan and Credit Card Products
The Hong Kong Monetary Authority requires authorized institutions to implement enhanced disclosure measures on digital platforms used for unsecured loan and credit card applications to mitigate risks of impulsive or inappropriate borrowing. Institutions must design processes that facilitate informed decision-making by providing clear disclosures and obtaining customer confirmation regarding key product features, terms, and responsible borrowing messages. Compliance is mandatory for all new platforms starting 1 December 2020, with existing platforms required to implement enhancements by 3 September 2021.