HK,
18
April
2024
|
18:05
Asia/Hong_Kong

TransUnion Welcomes Launch of Credit Data Smart as Hong Kong Enters New Era for Innovation and Financial Inclusion

Supporting a smooth transition to the new system with global expertise and local insights

  • Credit Data Smart marks a milestone for the credit economy that will strengthen the foundations of Hong Kong’s financial ecosystem
  • Evolving credit industry will expedite innovation within the sector, resulting in enhanced experiences for businesses and over 5.5 million consumers
  • TransUnion supports the implementation of Credit Data Smart with best global practices learnt from diverse markets which operate with multiple credit reference agencies

Global information and insights company and Hong Kong’s leading credit reference agency, TransUnion (NYSE: TRU), today welcomes the formal Credit Data Smart (CDS) launch on April 26. As a forerunner in Hong Kong’s credit economy, TransUnion supports the multiple credit reference agencies operating model, enabled by CDS, as a new era for the credit industry and the Hong Kong community. It will open the Hong Kong market to greater innovation and financial inclusion which are essential to strengthening the city’s status as an international financial hub. CDS was launched by the Hong Kong Association of Banks (HKAB), The DTC Association (The Hong Kong Association of Restricted Licence Banks and Deposit-taking Companies), and the Hong Kong SAR Licensed Money Lenders Association Limited (collectively, "Industry Associations").

For over forty years, TransUnion has been making trust possible between businesses and consumers in Hong Kong, enhancing financial inclusion and driving growth opportunities across the local community. As the city ushers in a new era in its credit economy, TransUnion also leverages its extensive expertise gained from other global markets which utilise multiple credit reference agencies, such as the United States, the United Kingdom, the Philippines and South Africa. This wealth of local and global experience is important to the formulation of CDS, as TransUnion actively collaborates with Industry Associations at every stage of the process to ensure a smooth transition to the new system.

With the launch of CDS, TransUnion anticipates the evolving credit industry will expedite innovation within the sector, resulting in enhanced experiences for businesses and over 5.5 million consumers. This transformation will also lead to increased economic opportunities and improved financial inclusion to consumers and businesses served by the credit industry and the wider financial sector. Additionally, the introduction of CDS will raise consumer awareness and understanding regarding the significance of credit in accessing more opportunities in life. TransUnion is eager to encourage those taking proactive measures to manage their financial well-being under CDS.

“With an expansive global network spanning over 30 countries and territories worldwide, TransUnion has successfully established a strong presence and reputation across numerous markets that operate with multiple credit reference agencies. The advent of CDS in Hong Kong will open the door for all participants, bringing wider data access, new and enhanced products and more choices to businesses and consumers alike,” said Marie Claire Lim Moore, Asia-Pacific Regional President and Hong Kong CEO at TransUnion. “We are looking forward to empowering financial institutions to bring more innovations to the market with our unique data insights, not only in credit but across various industries, as we have witnessed in other locations. These innovations are the bedrock for the sustained growth of Hong Kong’s financial ecosystem, ultimately benefiting the entire community.”

“As the pioneering credit reference agency in Hong Kong, TransUnion has played a vital role in the development of the local credit economy, forging strong partnerships with the industry over the past 40 years. Our unwavering commitment has always been to leverage our extensive global experience and deep local knowledge in delivering actionable insights and the best solutions for our customers and wider consumers,” said Wingo Wong, Managing Director of TransUnion Credit Information Services Limited. “With the launch of CDS, we remain dedicated to serving businesses and individuals with our time-tested and industry-trusted products and services. Our vision extends beyond Hong Kong as we strive to support the city’s evolving needs by fostering deeper integration across the broader credit economy within the Greater Bay Area, creating greater opportunities for all.”