New York, United States:
Nova Credit, the world’s main consumer-permissioned credit score bureau, at present introduced that it has partnered with HSBC to present the financial institution with international entry to its cross-border credit score information product, Credit Passport®, creating extra alternatives for credit score entry to cross-border clients throughout the globe. This partnership will enable HSBC to entry the translated credit score historical past of new-to-country shoppers as a part of their credit score functions, upon their permission. This revolutionary answer will allow the financial institution to make extra real-time utility approvals responsibly and at a better scale. The first deployment, with HSBC Singapore, launched in May.
To underscore its assist in Nova Credit and speed up its international growth, HSBC Ventures has made an funding of $10 million within the firm.
Global Deployment Starts with Singapore
Historically, credit score historical past has stopped on the border, stopping many monetary providers corporations and lenders from having the ability to serve clients who’ve confirmed creditworthiness of their residence nation, however arrive credit score invisible. Credit Passport® seamlessly and securely integrates right into a monetary establishment’s credit score utility course of, enabling candidates’ international credit score data and rating to be immediately accessed in just some clicks.
HSBC Singapore is the primary HSBC entity to launch the potential as a part of the financial institution’s international rollout, additionally making it the primary group ever to implement Credit Passport® exterior of the U.S., enabling it to immediately entry the translated credit score historical past of new-to-country shoppers shifting to Singapore, facilitating faster entry to credit score for them.
Nova Credit and HSBC Singapore will initially use Credit Passport® to assist the hundreds of recent to Singapore clients with credit score historical past in India. The financial institution intends to broaden the protection of the answer to embrace clients with a credit score historical past in Australia, the United Kingdom and the Philippines in 2022, and to extra nation bureaus in 2023, making it accessible to much more Singapore newcomers.
“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” mentioned Taylan Turan, Group Head of Retail Banking and Strategy, Wealth and Personal Banking at HSBC. “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.”
Additional Investment to Support Company’s Global Scale
As a testomony to their perception in Nova Credit’s imaginative and prescient to sew collectively the world’s monetary system, HSBC Ventures has invested $10 million within the firm. This funding will allow Nova Credit to assist HSBC as they speed up the deployment of Credit Passport® across the globe.
HSBC Ventures joins the likes of main traders, together with Kleiner Perkins, Canapi Ventures, General Catalyst and Index Ventures, and executives from Goldman Sachs, JPMorgan and Citi.
Since launching within the U.S. in 2016, Nova Credit has constructed relationships with credit score bureaus in over 20 nations to achieve consumer-permissioned entry to over a billion credit score profiles, and developed partnerships with big-name lenders reminiscent of American Express and Verizon.
“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,” mentioned Catherine Zhou, Global Head of Ventures, Digital Innovation and Partnerships at HSBC. “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.”
“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,” mentioned Misha Esipov, co-founder and CEO of Nova Credit. “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.”
“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,” mentioned Collin Galster, VP of International at Nova Credit. “We are honored to take this historic step in partnership with HSBC.”
To be taught extra about Credit Passport®, go to: www.novacredit.com/business/credit-passport
About Nova Credit
Nova Credit is a consumer-permissioned credit score bureau with two merchandise that assist companies make extra honest and knowledgeable selections on credit score candidates. The Credit Passport® unlocks cross-border credit score bureau information to assist companies underwrite new-to-country newcomer populations. The Cash Atlas™ gives better perception into the money flows of any applicant, together with verifying their earnings with better precision than options. Businesses use these merchandise to approve extra candidates with out taking over extra threat, and shoppers are empowered to put their finest foot ahead of their functions. The firm’s differentiated information sources and proprietary analytics are utilized by main organizations like American Express, Verizon, HSBC, SoFi, and Yardi. Nova Credit is backed by traders together with Kleiner Perkins, General Catalyst, Index Ventures, and Canapi in addition to executives from Goldman Sachs, JPMorgan, and Citi. Learn extra at www.novacredit.com
About HSBC Holdings plc
HSBC Holdings plc, the dad or mum firm of HSBC, is headquartered in London. HSBC serves buyer worldwide from places of work in 63 nations and territories in its geographical areas: Europe, Asia, North America, Latin America, and Middle East and North Africa. With property of US$2,985bn at 30 June 2022, HSBC is likely one of the world’s largest banking and monetary providers organisations.
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