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.
The strategic cooperation with Baihang Credit will see TransUnion explore how the companies can support consumers in accessing financial services and lending products across the GBA, while facilitating financial institutions in providing tailor-made products. TransUnion is well placed to support the credit economy of the GBA, helping to enable the potential brought by closer ties across the region and catering to an ever-growing consumer demand.
TransUnion’s mission is to help people around the world access the opportunities that lead to a higher quality of life.
With a presence in more than 30 countries across five continents, TransUnion provides solutions that help create economic opportunity, great experiences, and personal empowerment for hundreds of millions of people. Their customers in Hong Kong include some of the top banks and moneylenders.
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 solutions to serve both consumers and financial institutions, thus fostering financial inclusion while also safeguarding personal data privacy and security across the region.
Most recently, in February 2022, TransUnion announced an investment in UK-based Bud Financial Limited to support Open Banking growth. TransUnion’s partnership aims to support financial inclusion, as well as innovation and growth in the personal finance market.
TransUnion representatives acknowledged Bud’s expanding global presence and highlighted a series of opportunities to create new solutions that can be transferred to other TransUnion markets. Through this partnership, TransUnion’s global infrastructure and insights expertise will integrate with Bud’s end-to-end Open Banking platform in order to expand TransUnion’s Open Banking offering.
In January 2022, TransUnion announced the launching of a new suite of Credit Monitoring Service Packages, aiming to promote financial inclusion across the territory. Designed to help consumers better manage their personal finances, access opportunities, and achieve greater financial inclusion, the new credit monitoring service packages include a Credit Report, a Credit Score Calculator, an in-depth Debt Analysis, as well as a Credit Alert service that helps prevent identity thefts.
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