Nova Credit, the world’s leading consumer-permission credit bureau, today announced that it has partnered with HSBC to provide the bank with global access to its cross-border credit data product, Credit Passport, creating more opportunities for credit access to cross-border customers across the globe.

Through this partnership, HSBC will have the authorization to access the translated credit histories of clients who have just moved to a new nation as part of their credit applications. The bank will be able to responsibly and broadly approve more real-time application requests thanks to this cutting-edge system. In May, the initial deployment with HSBC Singapore began.

HSBC Ventures has invested $10 million in Nova Credit to demonstrate its support for the firm and hastened its global expansion.

Global Deployment Starts with Singapore

Credit history has traditionally halted at the border, making it difficult for many financial services organizations and lenders to work with clients who have established creditworthiness in their home country but arrive with credit that is invisible. The process of applying for credit at a financial institution is made easier and more secure by Credit Passport®, which enables quick and easy access to applicants’ global credit histories and scores.

As part of the bank’s global rollout, HSBC Singapore is the first HSBC entity to introduce the capability, making it the first company to use Credit Passport® outside of the U.S. This allows HSBC Singapore to instantly access the translated credit histories of newcomers moving to Singapore and facilitating their quick access to credit.

To accommodate the thousands of new Singaporeans with credit histories in India, Nova Credit and HSBC Singapore will first employ Credit Passport®. In order to increase the number of newcomers to Singapore, the bank plans to extend the solution’s coverage to customers with credit histories from Australia, the United Kingdom, and the Philippines in 2022 and to more country bureaus in 2023.

“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,”

“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 organization to offer this to customers in Singapore.”

 Taylan Turan, Group Head of Retail Banking and Strategy, Wealth and Personal Banking at HSBC.

Additional Investment to Support Company’s Global Scale

HSBC Ventures has invested $10 million in Nova Credit as a sign of their faith in the company’s mission to bind together the global financial system. With the help of this funding, Nova Credit will be able to assist HSBC in hastening the global rollout of Credit Passport.

“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,”

“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.”

 Catherine Zhou, Global Head of Ventures, Digital Innovation and Partnerships at HSBC.

Leading investors like Kleiner Perkins, Canapi Ventures, General Catalyst, and Index Ventures, as well as officials from Goldman Sachs, JPMorgan, and Citi, have joined forces with HSBC Ventures.

“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,”

“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.”

                                                           Misha Esipov, co-founder and CEO of Nova Credit.

Since its debut in the United States in 2016, Nova Credit has forged connections with credit bureaus in more than 20 nations to obtain consumer-permitted access to more than a billion credit profiles and formed alliances with renowned lenders like American Express and Verizon.

“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,”

“We are honored to take this historic step in partnership with HSBC.”

                                                          Collin Galster, VP of International at Nova Credit.