In June 2022, around 20 Hong Kong banks, including HSBC, Hang Seng Bank, Citibank, and Standard Chartered Bank, implemented the third phase of Open APIs to retail customers. Third-party applications can check the bank product information, customers' account information, and transaction records.
Our app - RentScore, is designed to take full advantage of this innovative technology. Using our App, tenants can provide proof of income and previous rental payment records with a click, so landlords know immediately if a tenant is a good fit for their property, replacing the traditional tenant screening process of handing over proof of income.
From the landlord's perspective, Open Banking will provide more accurate data on tenants' affordability and rental payment records which can significantly reduce the chances of dealing with “rough tenants”.
Tenants with a history of paying on time receive an enhanced credit rating. Conversely, a tenant who doesn't pay rent on time would hurt the credit score. This measure can encourage tenants to pay rent on time, increase the cost of "rough tenant" and protects the interests of landlords.
Out App will benefit 1.27 million tenants and 1.65 million property owners in Hong Kong.
Team members
Mr Lawrence Ho (The Chinese University of Hong Kong)
* Person-in-charge
(Info based on the team's application form)
- CityU HK Tech 300 Seed Fund (2022)