TransUnion Announces Expansion of Its Asia Footprint by Entering Vietnam
HO CHI MINH CITY, VIETNAM and CHICAGO, IL--(Marketwire - December 3, 2010) - TransUnion, the global leader in credit and information management, today announced the issuance of its business license for the establishment of TransUnion Vietnam. The new entity will work closely with its local business partner, Mozaik Corporation, and seeks to bring its range of credit reporting and risk management solutions to the fast growing South East Asian nation.
"With more than 40 years of operating experience in over 25 markets across the globe, our experience in setting up credit bureaus is vast and our commitment to Asia is strong. We will leverage and build upon our current presence in Asia including China, Hong Kong, India, Singapore, and Thailand to establish a world-class credit information company in Vietnam. The transformations that have taken place in these markets' economies are remarkable, and we look forward to accomplishing the same results here in Vietnam," said Mr. Andrew Knight, President of TransUnion International.
"In Hong Kong, for example, TransUnion manages the first and only consumer credit reporting system. Over the years, the system has proven to be valuable in fueling the local economy. It provides updated credit information to credit providers to help them make efficient, objective, and accurate decisions so they can approve loans and grant credit faster. To consumers, credit reports help them gain access to the credit they deserve for loans, mortgages and other forms of credit. Currently, nearly all banks there make reference to TransUnion's credit reports when they process lending options," said Mr. Knight.
Indeed the government of Vietnam recognized the increasing need for better credit reporting mechanisms earlier this year, with the passing of decree 10/2010 in April, paving the way for TransUnion's entry to the market, with its world-class credit offering and proven approach of working side-by-side with the banking and finance industry. TransUnion will not only leverage its own global experience in credit information management, but the extensive domestic expertise of Mozaik and a solid, local management team to deliver a world-class credit bureau of international standards.
Mr Pham Cong Uan, General Director of the Credit Information Center of State Bank of Vietnam, which is the regulatory body responsible for credit deployment in the country, was enthusiastic about TransUnion's commitment to Vietnam, and the prospect of having the company in the market, saying: "It was the SBV's objective to create an environment where the legal framework would support a marketplace of a limited number of private credit bureau operators joining. Therefore, we always encourage global leaders like TransUnion to commit and invest in the Vietnam market. We also hope that TransUnion's international experience in emerging markets and proven technology will contribute to the long term development of Vietnam's banking and finance infrastructure. On behalf of the Credit Information Center -- State Bank of Vietnam, we congratulate TransUnion's presence in Vietnam."
As a global leader in credit and information management, TransUnion creates advantages for millions of people around the world by gathering, analyzing and delivering information. For businesses, TransUnion helps improve efficiency, manage risk, reduce costs and increase revenue by delivering comprehensive data, advanced analytics, and automated decisioning solutions. For consumers, TransUnion provides the tools, resources and education to help manage their credit health and achieve their financial goals. Through these and other efforts, TransUnion is working to build stronger economies worldwide. Founded in 1968 and headquartered in Chicago, TransUnion has employees in more than 25 countries on five continents.