Fintech firm Lendela has entered into a partnership with credit reference agency TransUnion to provide free access to credit scores for users in Hong Kong.
The collaboration, part of the ‘Stay Smart, Stay Ahead’ initiative, aims to increase credit awareness among consumers and link this with custom lending options via a fully digital process.
The initiative enables users to check their credit data, including their score, through Lendela’s platform at no cost, and without affecting their credit record. This service builds on TransUnion’s Credit Data Smart programme, which since April 2024 has allowed Hong Kong consumers to access a free credit report annually. Despite these efforts, a recent TransUnion survey found that over a quarter of respondents in the region remained unaware of their credit standing.
Transforming access to personal lending
The Lendela platform matches borrowers with lenders using a reverse auction model, where financial institutions submit offers based on an individual’s profile. This approach is designed to generate more accurate, personalised loan options, improving transparency and enabling more informed borrowing decisions. Company officials say the tool addresses long-standing challenges in Hong Kong’s lending market.
Representatives from TransUnion noted that providing individuals with access to their credit data is an important step toward better financial decision-making and that the partnership supports wider goals around financial inclusion. The collaboration also promotes the digitalisation of lending, aligning with wider trends in Asia Pacific’s financial services sector.
Since the beginning of the year, Lendela has expanded its operations in Hong Kong and facilitated more than HKD 4 billion in loan requests. The company also secured investment from Wings Capital Ventures in 2024, becoming the first fintech outside Hong Kong to join the firm’s portfolio. Wings Capital is known for backing other regional fintech ventures, including Bowtie and WeLab.
Founded in 2018, Lendela operates in Hong Kong, Singapore, and Australia. In 2023, the company raised USD 5 million in Series A funding to support growth across the Asia Pacific region.
Meanwhile, TransUnion continues to provide credit reporting and analytics services in more than 30 countries. In Hong Kong, the firm remains a key player in the personal credit space, offering tools for consumers and businesses aimed at improving risk management and market transparency.
