HONG KONG, July 29, 2016 /PRNewswire/ -- TransUnion (NYSE: TRU) today announced it is partnering with the Hong Kong Professional Lenders Association ("PLA") to launch Hong Kong's first finance and credit course. The course is intended to raise awareness and broaden understanding among finance companies practitioners and intermediaries on the money lending business, so as to enhance professional standards and strengthen industry supervision.
Fraud committed by unscrupulous financial intermediaries has drawn widespread public concern in recent years. Over 600 alleged fraud cases involving intermediaries were reported from August 2015 to March 2016, covering a total of HK$326 million, according to police data. As a result, the image of Hong Kong's banks and financial institutions has been adversely affected, prompting calls for immediate action to strengthen industry supervision. The course is being launched to support Hong Kong government's implementation in October of more stringent conditions for money lenders licence.
The "Training Course for Financial Intermediaries" provides an overview of the Money Lenders Ordinance, and the responsibilities and ethics of intermediaries, basic knowledge of loans and mortgages, and credit approval criteria. Experts from TransUnion and PLA will teach the course, which is scheduled to commence in August.
Participants are required to complete three hours of training and pass a one-hour examination. Qualified participants will receive a certificate from and be accredited by PLA. Details of the accredited intermediaries will be uploaded to PLA's website for public reference. Not only would this greatly enhance transparency, it would also boost public confidence and prevent unscrupulous intermediaries from using fake identities to commit crime.
TransUnion and PLA will also launch the first "Professional Training Course for Money Lenders" in October for finance companies practitioners. The two-day course comprises training and an examination. It is intended to deepen participants' understanding of the Money Lenders Ordinance, introduce criteria for loan approvals and share techniques to avoid fraud. TransUnion and PLA also plan to introduce a course targeting senior executives at money lenders in the near future.
Commenting on the partnership, Lawrence Tsong, President of Asia Pacific at TransUnion, said, "As the global leader in information and risk management, TransUnion strives to create value for the local community and economy at large by sharing our knowledge of global best practices for credit risk management. The level of risk confronted by the local banking industry and the general public has been rising. Through these courses, we wish to raise awareness of credit risk management, which would provide better protection to both industry players and the public."
Jason Chan Tsz Hong, Chairman of PLA, said, "We are pleased to collaborate with the industry leader, TransUnion, to improve knowledge of credit risk management and enhance professional standards through conducting the training courses. We believe accreditation helps strengthen industry supervision and protects the rights of money lenders and helps protect the public from falling victim to scams."
In March 2016, TransUnion collaborated with a local tertiary educational institution to launch an ongoing training program. The partnership announced today is developed to uphold TransUnion's core value of Information for Good as the company transforms from a traditional credit bureau into a risk management solutions provider.
About TransUnion (NYSE: TRU)
Information is a powerful thing. At TransUnion, we realize that. We are dedicated to finding innovative ways information can be used to help individuals make better and smarter decisions. We help uncover unique stories, trends and insights behind each data point, using historical information as well as alternative data sources. This allows 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. We call this Information for Good. www.transunion.hk
About Hong Kong Professional Lenders Association (PLA)
Hong Kong Professional Lenders Association is a non-profit organization. Members of the PLA are Hong Kong licensed money lenders. The Association's mission is to improve understanding of the Money Lenders Ordinance among its members, build a sound development model for the industry and foster communication between the public and the industry. PLA is dedicated to protecting the personal data privacy of its members' clients, and enhancing client confidence through supervising members' conduct. PLA's website (www.hkpla.org) is a communication platform for its members, and contains details of money lenders and intermediaries for public review with the aim of preventing fraud.
For more information, please contact:
Weber Shandwick
Juliana Li/ Winky Chow
jli2@webershandwick.com / wchow@webershandwick.com
+852 2533 9973 / 2533 9923
