Hong Kong’s credit reference agency TransUnion and Baihang Credit 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 more efficient 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 solutions.

“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,” said Marie Claire Lim Moore, Asia-Pacific regional president and Hong Kong CEO at TransUnion.

Meanwhile, Wang Xiaolei, chairman of Baihang Credit, said, “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.”

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, according to the release.

Back in August last year, TransUnion collaborated with Omelette Digital, a local creative agency, for its branding campaign with the tagline “Know your creditworthiness, map your success” (了解信用人格,做好人生規劃). Through the campaign, TransUnion redefined creditworthiness (信用人格) and looked to showcase how data analysis and credit history can empower consumers and help them make better-informed financial decisions to achieve life goals.

Source: Marketing Interactive