April 2022

Strands and Nova Credit announce partnership to empower FI digital money management tools

Nova Credit announces a strategic partnership with Strands, the CRIF company with distinctive expertise in Big Data, AI and Machine Learning, creating highly customizable digital money management software for top-tier financial institutions worldwide. The collaboration between Nova Credit’s Fintech solutions and Strands’ finance management platform will drive the acceleration of banking digitalization in the local market, according to the latest “Fintech 2025” initiative unveiled by the Hong Kong Monetary Authority (HKMA) in mid-2021.

Strands is a Fintech software company, part of CRIF Group, specializing in advanced digital banking solutions, providing a set of white-label services including personal financial management, business financial management, Engager, and customer-linked offers.

Nova Credit is a credit reference agency specializing in serving banks and financial institutions with advanced customer analytics tools and financial management solutions, providing business insights for banks looking to grow their top lines, as well as building a comprehensive digital banking ecosystem.

Through the partnership with Strands, Nova Credit will enhance its solution offerings to banks with Personal Financial Management (PFM) for retail customers and Business Financial Management (BFM) for SMEs via an SaaS platform.

API tools such as PFM and BFM, provided by the SaaS platform, are up and running smoothly in Alibaba Cloud. Alibaba Cloud is the first cloud security provider to obtain ISO27001 Information Security Management System Certification in China, and is well-known with its high scalability and hybrid capability features.

This collaboration in advanced Fintech solutions and AI technology enables financial institutions and retail banks to easily develop customizable digital money management applications, with the aim of helping customers to make smarter financial decisions. Ultimately, the AI-driven solutions will enhance the customer experience, increase customer engagement, and generate new revenue for banks through digital channels.

Samuel Ho, CEO of Nova Credit, commented: “By partnering with Strands, Nova Credit is in a stronger position to fulfill increasing demands from banks for secured, smart and highly customizable financial management APIs. We are delighted to collaborate with Strands’ AI-driven technology to accelerate digitalization in banks in line with the “Fintech 2025” initiative.”

Edoardo Borsari, Managing Director of Strands, remarked: “We are delighted to be working alongside Nova Credit, and this partnership allows us to continue expanding in the Greater Bay Area and to help them develop their relationship with clients through innovative and easy financial management solutions. Nova Credit shares a strategic data-driven and a customer-centric approach with us. Accelerating digitalization in banks means creating a new concept of financial wellness for retail and SME customers and helping them to take smarter and well-informed decisions.

Vincenzo Resta, Regional Executive Director of CRIF, added: “This is a clear example of how, as strategic partners, CRIF is committed to bringing to Nova Credit our skills and innovative assets to support the development of the financial infrastructure in a key GBA city like Hong Kong. We share Nova Credit’s vision and mission in Asia, and we are thrilled with the partnership between Strands and Nova Credit.