At Extreme Investor Network, we strive to bring you the latest updates and insights in the world of crypto and blockchain. Today, we are diving into the recent news from the Hong Kong Monetary Authority (HKMA) regarding Nova Credit Limited’s decision to cease operations and exit Credit Data Smart.
According to the HKMA, Nova Credit Limited made the decision to halt its operations and leave Credit Data Smart due to internal circumstances. In response to this development, the HKMA has taken proactive measures to ensure compliance and data security.
The HKMA has been in communication with various industry associations, including the Hong Kong Association of Banks and the Hong Kong Association of Restricted License Banks, about Nova’s decision. These associations have mandated Nova to strictly adhere to service agreement requirements, including the destruction of all personal credit data obtained from Credit Data Smart. To oversee this process and safeguard consumer data, an independent third party has been appointed.
Expressing concern over the incident, the HKMA has instructed the industry associations to handle Nova’s personal credit data responsibly while ensuring the normal operations of Credit Data Smart are maintained. The HKMA will closely monitor the situation and supervise the tasks associated with Nova’s exit to guarantee a proper and secure transition.
For further details and updates on this matter, we recommend visiting the official HKMA website.
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