HSBC UK has partnered with Nova Credit to enable new credit card applicants to leverage their international credit history, using Nova Credit’s technology for international credit decisions.
Facts
- HSBC UK has teamed up with Nova Credit to incorporate Nova Passport technology into their international credit decision process for online credit card applications.
- Customers can now utilize credit history from 12 different countries, including Australia, Brazil, Canada, Dominican Republic, India, Kenya, Mexico, Nigeria, the Philippines, Spain, Switzerland, and the United States.
- Nova Passport was launched in the UK at the beginning of the year after receiving approval from the Financial Conduct Authority (FCA). It allows financial institutions to access international consumer data via API connections with international credit bureaus.
- HSBC UK is the second regional entity of HSBC to implement this solution, following HSBC Singapore. The bank’s venture capital arm invested $10 million in Nova Capital’s Series B round in September 2022.
- Madhu Kejriwal, head of unsecured lending at HSBC UK, highlights the importance of access to credit for migrants, who often face unique challenges due to a lack of local credit history, managing finances across locations, and understanding tax considerations.
- Collin Galster, Nova Credit’s head of international, notes that their solution is gaining recognition among businesses, helping them create more compelling propositions and foster valuable customer relationships.
