TransUnion Q2 2023 Industry Insights

Hong Kong Credit Market Growth Led by Credit Card Originations

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

Credit Card Origination Volumes*

Image showing credit card origination volumes

*Originations are viewed one quarter in arrears to account for reporting lag.
Source: TransUnion Hong Kong consumer credit database

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Marie Claire Lim Moore

“To stay competitive and capitalize on the growth in this market, lenders must offer a friction-right verification and onboarding process for customers who expect fast, pleasant and personalized experiences.”

Marie Claire Lim Moore, Asia-Pacific Regional President and Hong Kong CEO, TransUnion


Watch our latest Q2 2023 Industry Insights Webinar for expert perspectives on current trends.