For sharing of personal credit data of Macao credit institutions in order to enhance credit institutions’ credit risk management, the Macao Postal Savings is authorized to establish and operate the “Credit Data Platform” (hereinafter referred to as the “Platform”). After a series of docking and testing with participating credit institutions, the platform was launched on November 1 2022, and from January 1 2023, all participating institutions of the platform shall use the “Credit Data Platform” to obtain customers’ personal credit reports.
In the first stage, only applications for personal credit reports will be accepted on the platform and applications are limited to those Macao credit institutions that have participated in the platform. To ensure the integrity of credit reports, all credit institutions engaged in personal credit or guarantee business must join the platform. At present, there are 30 Macao credit institutions participating in the platform.
According to the requirements of the regulatory authority, credit institutions must obtain the explicit consent of customers to apply for their “personal credit report” from the platform, before approving personal credit and guarantee related businesses, or carry out post-loan management for customers, as one of the reference documents for the above approval. So as to reduce credit risk and help promote the healthy development of Macao’s overall credit market.