Newsroom TransUnion Hong Kong

Significant improvement reported in Hong Kong consumers’ household finances following gradual recovery of economyInflation and the threat of recessions remain top concerns, although less so than in previous quartersConsumer appetite for credit …

Hong Kong SME originations saw a rebound during the fourth quarter in 2022 as economic activity picked up after wider reopeningWhile virtual banks have recently entered the SME financing market, traditional banks continue to maintain a high market …

Highest growth rate observed for credit card originations since Q2 2021Growth in credit led by younger consumers as they engage and participate in the credit marketplaceVirtual banks captured sizeable market share of personal loan and revolving line …

 Gen Z consumers showed the greatest appetite for credit, with 19% saying they planned to apply for new credit or refinance existing credit in the year ahead; a similar number (21%) said they did not have sufficient access to credit Gen Z in 2021 …

 The flow of new consumers entering the credit market for the first time remains subdued and is still well below pre-pandemic levels, presenting opportunities for lenders to serve more new customers. Credit cards are the first product of choice …

Despite digital fraud rates returning to close to pre-pandemic levels, the volume continued to rise in 2022, according to the 2023 State of Omnichannel Fraud Report released by TransUnion (NYSE: TRU), a global information and insights company and …