Hong Kong Fintech Credit Monitoring

The latest Industry Insights report published by TransUnion indicates an increased usage of credit cards in Hong Kong, as evidenced by the growing credit card balances and increased borrower activities aimed at expanding credit capacity.  

According to TransUnion, in Q1 2024, outstanding credit card balances rose by 8.6% year-over-year, while average balances increased by 7.5%, indicating a higher utilization of existing credit. Additionally, TransUnion’s Q1 2024 Consumer Pulse survey found that 38% of Gen Z and 32% of Millennial borrowers plan to apply for new credit or refinance existing credit within the next year.  

As a complement to this trend, the usage of credit monitoring services also experienced a remarkable increase among consumers in Hong Kong. A separate TransUnion study reveals that over 80% of Hong Kong consumers recognize the importance of credit monitoring for managing their financial health, with nearly two-thirds regularly reviewing their credit reports. The growing awareness is further demonstrated by a 194% increase in credit monitoring service enrollments over the three months leading up to September 2023, compared to the same period in 2021—one of the highest growth rates globally.   

Given that the credit monitoring market is currently dominated by a limited number of providers, there is a strong opportunity for new entrants. Companies offering competitive pricing, enhanced rewards, faster processing, and deeper insights into credit behavior can differentiate themselves and capture market share. 

For more information, please contact the U.S. Commercial Service in Hong Kong at office.hongkong@trade.gov or find out more in the Commercial Country Guide.