New app developed by Citi Mobile Challenge
winner provides free credit data to help clients keep track of
financial health
Citi Hong Kong today announced that the recipient of Citi Mobile
Challenge Asia Pacific “Best Money Manager Solution” award, Mtel,
has taken its winning concept to market with the launch of the
CreditCheck app in Hong Kong.
Available free on both the iOS and Android platforms, the
CreditCheck app offers users the ability to check their credit
scores, obtain consolidated summaries of credit accounts across
different financial institutions, and explore possible debt
consolidation options. The app also features a debt repayment
calculator and a payment calendar with a reminder function.
In 2015, Citi invited fintech developers with innovative ideas
to compete in the Citi Mobile Challenge, the next-generation
accelerator program that attracted overwhelming participation from
thousands of developers from over 100 countries.
The Asia-Pacific leg of the Citi Mobile Challenge was launched
in August 2015, following previous successes in EMEA, Latin America
and the U.S. Shortlisted teams from 15 countries presented 72
working prototypes to Citi’s executives and technology influencers
at four demo days held in Bengaluru, Singapore, Sydney and Hong
Kong. Shortlisted entries were evaluated based on the prototypes’
impact, viability, user experience and functionality.
“Citi Mobile Challenge was an extraordinary program through
which we identified new digital solutions that can be integrated
into our business and products to enhance the banking experience of
our clients,” said Choong Yu Lum, Head of Cards and Unsecured
Lending, Citibank Global Consumer Banking.
“We are excited to have had the opportunity to play an integral
part throughout the development process of CreditCheck, from
concept design and refinement, production and protocol testing to
eventually bringing this innovative solution to market,” Lum
continued.
“The immense support that we received from Citi has enabled us
to turn our idea into reality,” said Jeff Chau, Chief Technology
Officer at Mtel. “Citi has a strong track record in using
technology innovation to enhance how it serves clients. We hope
that the new CreditCheck app will bring about positive changes to
the way people manage their finances.”
Why Credit Score Matters
Through the CreditCheck app, Hongkongers will for the first time
be able to obtain their credit data compiled by credit reference
agency TransUnion free of charge. The TransUnion credit data
include a credit score ranging from A to J, which summarizes an
individual’s credit history.
Credit scoring which measures an individual’s ability to repay
loans is commonly used by banks and financial institutions in Hong
Kong and globally when evaluating applications for credit cards,
personal loans, and mortgages.
According to research conducted by TransUnion in 2016, 55% of
consumers in Hong Kong were aware of credit scores and 53%
acknowledged that a good credit score helps obtain better interest
rates on loan. These figures indicate a rise in awareness of
financial risk management among Hongkongers, compared with only 28%
of respondents having heard about credit scores according to a
similar research conducted three years ago.
“Credit scoring is powerful as it plays a key role in our major
life decisions. It is very important to maintain a healthy credit
score by regularly checking your credit report. We are pleased to
support the development of the CreditCheck app, and promote the
importance of credit management through technological innovation.”
said Lawrence Lo, Director, Consumer Interactive for TransUnion
Hong Kong.
“As a responsible financial institution, we are committed to
helping people understand how to use credit wisely and responsibly
to achieve financial goals. With the CreditCheck app, clients can
get a better grasp of their own credit record, keep track of
repayment schedules, and explore ways to save more through
different debt consolidation options,” concluded Lum.
The CreditCheck app is available to download for free via the
App Store and Google Play.
About Citi
Citi, the leading global bank, has approximately 200 million
customer accounts and does business in more than 160 countries and
jurisdictions. Citi provides consumers, corporations, governments
and institutions with a broad range of financial products and
services, including consumer banking and credit, corporate and
investment banking, securities brokerage, transaction services, and
wealth management.
Additional information may be found at www.citigroup.com |
Twitter: @Citi | YouTube: www.youtube.com/citi | Blog:
http://new.citi.com | Facebook: www.facebook.com/citi | LinkedIn:
www.linkedin.com/company/citi
About Mtel Limited
Headquartered in Hong Kong, Mtel Limited is a leading digital
solution provider in Hong Kong and nearby regions with branch
offices in Macau, Guangzhou and Taipei. With over a hundred
employees, Mtel Limited provides myriad services, including design
and development of mobile, web, social applications, campaigns,
digital installations, and cloud platform, serving leading
corporations in the retail, finance, insurance, telecommunications,
advertising, and public utilities sectors.
About TransUnion (NYSE: TRU)
TransUnion is dedicated to finding innovative ways with which
information can be used to help individuals make better and smarter
decisions. The trends and insights uncovered using historical
information as well as alternative data sources allow a variety of
markets and businesses to better manage risk and consumers to
better manage their credit, personal information and identity.
Today, TransUnion reaches consumers and businesses in more than 30
countries around the world on five continents. Through the power of
information, TransUnion is working to build stronger economies and
families and safer communities worldwide. www.transunion.hk
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CCG Inc.Colin Hocolin.ho@creativegp.com
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