TransUnion Q2 2023 Industry Insights

TransUnion’s Q2 2023 Industry Insights Report highlights strong growth in Hong Kong credit activity. Credit card originations increased 45% YoY in Q2 2023; subprime consumer originations surged 391%. That said, new sub-prime card limits were 30% lower than the previous year. The total credit limit for newly originated cards grew 73% YoY, reflecting a market brimming with optimism — supported by positive GDP growth and low inflation and unemployment rates.

Revolving line originations grew 15% YoY in Q1 2023; virtual banks recorded 49% of all originations, making them the leading providers. Their popularity (especially among younger consumers) and digital convenience contributed to this market share.

Personal loan originations saw moderate 5.2% YoY growth — with virtual banks holding 9% of the market, a rise from the previous year. Traditional banks' share decreased, while money lenders' share grew.

The report underscores the substantial influence of virtual banks, a trend favouring digitization, and unprecedented growth in credit card originations, reflecting a confident local market.

Download our report to learn more stats, trends and insights regarding:

• How consumers are choosing to reengage with the reopened economy
• What’s driving the exponential rise in sub-prime credit card originations
• The remarkable rise of FinTech platforms and their digital native strategies