Lendela, a loan matching platform based in Hong Kong, has partnered with credit reference agency TransUnion through a campaign called “Stay Smart, Stay Ahead”.
The initiative introduces a free credit-checking tool that gives users access to their credit data, including their credit score, via Lendela’s platform.
The tool allows users to check their credit without affecting their scores.
The collaboration aims to improve access to credit information and offer personalised financial options.
Lendela uses a reverse auction model, allowing financial institutions to submit loan offers tailored to a borrower’s profile.
This process is intended to improve loan matching and provide consumers with more relevant and potentially cost-saving options.
Although TransUnion already provides Hong Kong residents with access to annual credit reports under the Credit Data Smart initiative, its recent Consumer Pulse Study found that 27% of respondents did not know their credit score.
The partnership with Lendela is positioned as a step toward addressing that gap.
Johnson Tsang, General Manager of Lendela Hong Kong, said,
“We believe that this partnership with TransUnion addresses a longstanding issue in Hong Kong, which is the lack of personalisation in lending, borrowing, and the financial services industry broadly. With this tool, we’re not just encouraging consumers to check their credit, we’re giving them something to do with that information.”
Terri Yang, Head of Consumer Interactive Business for Asia Pacific at TransUnion, added,
“We’re proud to collaborate with Lendela on this partnership, who shares our vision of enhancing financial accessibility by empowering consumers to make informed financial decisions through clear, actionable insights about their credit health.”
Since the beginning of 2024, Lendela has increased its global workforce by nearly 30 percent and expanded its operations in Hong Kong.
It has facilitated over half a million loan applications and partnered with more than 100 lenders in the region.
Over 2024, the platform has processed more than HK$4 billion in loan requests and claims to have helped users save a total of HK$243 million in interest.
The company was also the first fintech based outside Hong Kong to join the portfolio of Wings Capital Ventures in 2024.
The venture capital firm has previously backed companies such as Bowtie and WeLab.
Featured image credit: Lendela