Overview and Requirements for Credit Providers for Application of Credit Reference Service Under the Multiple Credit Reference Agencies (MCRA) Model

The Multiple Credit Reference Agencies ("MCRA") Model is a new initiative introduced by three financial associations – the Hong Kong Association of Banks, the Hong Kong Association of Restricted Licence Banks and Deposit-Taking Companies and the Licensed Money Lenders Association Limited.

Although the current draft model may be revised before it is finally enacted in Q4 2022, some significant considerations that must be addressed by credit providers can already be anticipated, such as the key requirements regarding data quality, data integrity, data security and compliance towards the code of practice on consumer credit data.

Are you a Banking or Credit Providing / Money Lending Corporation? Are you and your systems ready to support the requirements from the MCRA Model?
Read our latest brochures to find out more about how Deloitte can help you get prepared for the major transition in applying for MCRA Platform.

Should you want to find out more about the onboarding requirements which credit providers must comply for applying the MCRA Platform, please check out the brochure on the right for more information.