1. Why we will access your data at other banks?
If you do not provide us with your proof of regular income/asset, we will access your account information from other bank(s) in order to:
(a) streamline our credit analysis to assess your creditworthiness and determine whether or not we will approve your credit application; and
(b) continuously perform credit risk monitoring and assessment, including conducting credit checks at the time of application for credit and at the time of regular or special reviews which normally will take place one or more times each year.
As your bank account information is confidential and protected, we require your Prescribed Consent to access and retrieve this information.
[Please note that your use of the Streamlined Credit Application and Underwriting function is completely voluntary. If you decide not to use this function and do not provide us with Prescribed Consent, it will not necessarily affect the outcome of your credit application but may impact the time required to process your application.]
2. What you’ll get in return?
By allowing us access to your data, we will be able to:
(a) enhance and streamline our credit application and underwriting processes; and
(b) build a more comprehensive profile of your credit risk by aggregating data sources to facilitate digital lending.
3. What data we need you to share?
Your Account Details of either Current Account or Savings Account, or both, which are in active status:
- Accounts Basic: Currency of the account, Nickname of account.
- Account Detail: Account Name, Branch Number, Account Number.
- Balances: Amount, Currency, Credit/Debit, Type of Balance, Date & Time.
- Account Availability
- Account Status: Active or inactive
Your Account Transactions
- Transaction Information on payments made in both credits and debits out of your account (Reference, Amount, Status, Booking Data Info, Value Date info, Transaction Code) over the past sixty (60) days in non-aggregated form. Includes information about the payer/payee.
4. How long we will keep your data?
We will retain your data for the purpose of the Streamlined Credit Application and Underwriting for the data retention period as referred to in our retention policy. If you withdraw your consent, we will retain your data for the data retention period as referred to in our retention policy.
You will be given the option of choosing which accounts to provide consent for. Choosing to not provide access to all of your accounts will not necessarily affect the outcome of your credit application but may impact the time required to process your application.
We will have access to your data until you revoke your consent or when the consent has expired.
5. Your right to request for access or correction of your data
Subject to applicable statutory requirements and exceptions, you may have the right to request for access and/or correction of your data which we receive and process. Please contact our Group Data Protection Officer at 10 Des Voeux Road Central to exercise your rights.
6. Your right to revoke / terminate the consent
Subject to applicable terms and conditions, you may have a right to revoke / terminate the consent. You are advised to keep the consent during the whole application process to get the approval result rapidly. Otherwise, it might take longer to process your application and you might be required to submit additional document proof.
7. Your right to compensation
Unless it is a direct loss caused by our fraud, wilful misconduct or gross negligence, we shall not be liable for any loss arising from:
(a) any unauthorized transaction conducted through your account attributable to the IADS;
(b) any delay or disruption of service of the IADS;
(c) any error or discrepancy in your Account Data;
(d) any leakage of your Account Data.
