TransUnion Hong Kong and Baihang Credit Enter into Strategic Cooperation to Explore Financial Inclusion Opportunities in Greater Bay Area
TransUnion (NYSE: TRU), a leading global information and insights company, and Baihang Credit, China’s first licensed market-based personal credit reference agency, today announced that they have entered into a strategic cooperation memorandum of understanding to promote mutual recognition of credit reference products among financial institutions in the Guangdong-Hong Kong-Macao Greater Bay Area (GBA).
The strategic cooperation provides a basis for TransUnion Hong Kong and Baihang Credit to collaborate in promoting financial inclusion in the GBA. This partnership will enable mainland consumers to have efficient and convenient access to credit and other financial services from Hong Kong financial institutions, while also facilitating Hong Kong consumers to access such services from mainland financial institutions. In addition, the collaboration will support credit providers in preventing fraud and making holistic lending decisions powered by TransUnion’s cutting-edge solutions.
Marie Claire Lim Moore, Asia-Pacific regional president and Hong Kong CEO at TransUnion, said, “The strategic cooperation with Baihang Credit will see us explore how our companies can support consumers in accessing financial services and lending products seamlessly across the GBA, while also facilitating financial institutions in providing tailor-made products for consumers. As Hong Kong’s leading credit reference agency and a global pioneer in FinTech and RegTech, TransUnion is well placed to support the credit economy of the GBA, helping to enable the tremendous potential brought by closer ties across the region and catering to an ever-growing consumer demand.”
Wang Xiaolei, chairman of Baihang Credit, said, “As the first market-based credit reference agency in China with dual qualifications for personal and business credit reference services, and the only one in the GBA, Baihang Credit has always strived to perfect its data system. It continues to increase the capabilities of credit reference products and services, drive the development of the credit ecosystem, and strengthen data safety and the protection of credit rights. The strategic cooperation marks a significant step forward in the cooperation of credit reference agencies in the GBA. Baihang will continue to pursue development based on market principles, rule-of-law, and technological advancement. Rooted in Shenzhen, Baihang will firmly grasp the historical opportunities offered in the GBA and continue to explore the mutual recognition of credit reference products in compliance with the law. We will provide credit reference services that satisfy market demand and support the integrated development of the GBA.”
As Hong Kong’s first consumer credit bureau and a pioneer in the local FinTech industry, TransUnion has been at the forefront of new solutions and market developments in Hong Kong for more than 40 years. TransUnion’s mission is to help people around the world access the opportunities that lead to a higher quality of life. It helps businesses and consumers transact with confidence so they can achieve great things – this is Information for Good®.
To help support the development of the credit economy, TransUnion Hong Kong has been active in expanding its business into the GBA. It sees potential for its market-leading solutions to serve both consumers and financial institutions, thus fostering financial inclusion while also safeguarding personal data privacy and security across the region.