Credit, Collections & Insolvency News
Credit bureau Nova Credit has announced that it has partnered with HSBC to provide the bank with global access to its cross-border credit data product,.
The partnership will allow HSBC to access the translated credit history of new-to-country consumers as part of their credit applications, upon their permission. The 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 in Nova Credit and accelerate its global expansion, HSBC Ventureshas 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.
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.”
Catherine Zhou, Global Head of Ventures, Digital Innovation and Partnerships at HSBC said “Nova Credit and its Credit Passport® product are at the forefront of financial innovation and we are delighted to bring this solution to our large international customer base.”
“Seeing the company’s success in reaching migrant communities over the past six years in the U.S., it is clear that Credit Passport® should be shared with a wider audience. This is the first step in an exciting journey, and we look forward to working with Nova Credit to bring scale to the business and its work towards financial inclusion.”
Misha Esipov, co-founder and CEO of Nova Credit said “Despite considerable globalization, our financial world remains far from borderless. This historic partnership with HSBC will bring the Credit Passport® to new parts of the world, unlocking new frontiers in the flow of financial information.”
“This partnership ensures that more people who cross borders can take their data with them, in a secure and compliant manner, and ultimately arrive and thrive in their new home.”
Collin Galster, VP of International at Nova Credit said “This partnership and funding is the first step toward achieving a core goal of delivering the Credit Passport® globally: ensuring your financial identity is your own, no matter where you’re from or where you choose to live.”
“We are honoured to take this historic step in partnership with HSBC.”