Get ready for better credit reporting with hkma's credit data smart service launch
The following is issued on behalf of the Hong Kong Monetary Authority:
The Hong Kong Monetary Authority (HKMA) welcomes the joint announcement of the Hong Kong Association of Banks, the Hong Kong Association of Restricted Licence Banks and Deposit-taking Companies, and the Hong Kong S.A.R. Licensed Money Lenders Association Limited (collectively as the Industry Associations) today (April 18) on the commencement of service of "Credit Data Smart" on April 26.
The HKMA has been working closely with the Industry Associations to introduce more than one consumer credit reference agency (CRA) in Hong Kong, with a view to promoting the market competition of consumer credit reference services in Hong Kong, enhancing the service quality of consumer CRAs and reducing the operational risk of having only one commercially run service provider in the market, particularly the risk of single point of failure.
The HKMA is fully supportive of the implementation of "Credit Data Smart", which is an initiative under the "Fintech 2025" strategy in creating the next-generation data infrastructure and driving fintech development in Hong Kong. The commencement of service of "Credit Data Smart" will mark a milestone in consumer credit reference services in Hong Kong. The HKMA looks forward to seeing the public being offered with secure and reliable consumer credit reference services from multiple CRAs.
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Empowering young people: find support and healing at drug treatment centers
The Government has been working hand in hand with the anti-drug sector in the fight against drugs along a multipronged strategy. Apart from preventive education and publicity, drug treatment and rehabilitation is also an essential part of this strategy. For young people addicted to drugs, it is critical that support services can be provided to them at an early stage. The 10th Three-year Plan on Drug Treatment and Rehabilitation Services in Hong Kong (2024-2026)promulgated by the Narcotics Division (ND) of the Security Bureau in March this year also acknowledges its importance.
Voluntary residential drug treatment is the backbone of local drug treatment and rehabilitation services. In Hong Kong, there are a number of drug treatment and rehabilitation centres (DTRCs) operating with Government subvention or on a self-financing basis to cater for the needs of drug abusers from different backgrounds. Amongst them, many have years of experience in serving young drug abusers. At the 35th anniversary celebration cum open day of the Christian New Being Fellowship today (May 1), the Commissioner for Narcotics, Mr Kesson Lee, expressed appreciation for the organisation's dedication and commitment to serving young people with drug abuse or addiction problems and those at risk by offering a diverse range of training programmes with a view to equipping the young people for reintegration into society. Nowadays, there are many organisations serving at-risk young people and some even engage registered teachers and professional social workers to deliver training programmes and counselling services. They have been assisting the young people in life planning and making referrals for their further education. The list of the DTRCs can be found on the ND's website (www.nd.gov.hk/en/6-1-2.html).
Over the years, many DTRCs have been toiling unheralded and having success in helping young people overcome drug addiction, and reintegrating them into society to make contributions. The ND encourages members of the public to know more about the work of the DTRCs either online or through their open days. The ND also appeals to the public to encourage people struggling with drug problems, especially young people who are at risk, to seek help early. They can send a message to 98186186 through instant messaging platforms of WhatsApp and WeChat, or call the 24-hour hotline 186186, where professional social workers will provide assistance and refer them to services that best suit their needs and circumstances.
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