Regulatory Alerts2020-09-04
Added · Updated
Enhanced Disclosure Measures in respect of Digital Platforms for the Application of Unsecured Loan and Credit Card Products
The Hong Kong Monetary Authority issued this circular to establish enhanced disclosure measures for authorized institutions offering unsecured loans and credit cards via digital platforms. The guidelines require institutions to ensure that all promotional materials and application processes on these platforms provide clear, accurate, and comprehensive information to consumers. This regulatory update aims to strengthen consumer protection by addressing specific risks associated with digital lending channels and ensuring transparency in product terms.