With the new service, which can be accessed through the ZA Bank app, users are set to be able to get notified whenever changes are made to their credit report. This includes new credit report enquiries for loan and credit card applications, new credit accounts opened under a user’s name, and modifications to addresses or phone numbers.
The initiative follows research conducted by TransUnion that revealed that 44% of surveyed customers in Hong Kong were targeted by fraud through online, email, phone call, or text message channels in three months. TransUnion’s report also showcased persistent challenges in addressing fraud across various industries and sectors. As a response to the scaling fraud rates across Kong Hong, the Hong Kong Monetary Authority (HKMA) proposed legislative amendments to allow banks to share information to combat illicit activities.
The collaboration with ZA Bank comes just a month after TransUnion signed a definitive agreement to acquire Monevo, a UK-based credit prequalification and distribution platform. The company initially acquired a minority stake in Monevo in 2021, which led to it owning 30% of the equity of the firm. When the deal was announced, the terms of the transaction were not disclosed, however, the agreement was projected to be funded with existing cash-on-hand and not to materially impact on leverage, liquidity, or TransUnion’s 2025 operating results.
Latest news from ZA Bank
In addition to offering TransUnion’s Credit Alert Service, ZA Bank launched in
November 2024 a new solution that enabled retail users to directly buy and sell Bitcoin and Ethereum with fiat currency. As mentioned at that time, users were required to have an active account with ZA Bank and undergo a risk assessment before accessing the crypto trading capability through the bank’s app. Also, the partnership with cryptocurrency exchange HashKey intended to support the bank in meeting regulatory standards and bridging the gap between traditional banking and cryptocurrency markets.
