HSBC UK to offer credit cards to migrants with no credit history
By Gloria Methri
HSBC UK has partnered with cross-border credit bureau Nova Credit to offer newcomers the option to include international credit history when applying for a credit card.
New and existing customers applying for an HSBC UK credit card online can choose to share their credit history from a growing list of 12 countries, including Australia, Brazil, Canada, Dominican Republic, India, Kenya, Mexico, Nigeria, Philippines, Spain, Switzerland, and the US.
Madhu Kejriwal, Head of Unsecured Lending at HSBC UK said, “Newcomers are vital to the growth of our economy, with the flow of ideas and experiences enriching the lives of people across the UK and around the world. But newcomers can face real and unique hurdles when settling into their new lives in the UK – from struggling to set up essential services due to a lack of local credit history to juggling finances between locations and understanding tax considerations.
He added, “Opening a credit card and building credit is an important step when setting up life in a new country. As the UK’s leading international bank, we’re excited to be able to offer customers the option to leverage credit history built up overseas to start a positive credit history in the UK on arrival.”
Collin Galster, Head of International at Nova Credit said, “We are thrilled to expand our global partnership with HSBC. With nearly 100% of the UK’s population growth coming from migration, businesses cannot win without a dedicated strategy to better attract and retain this highly prized, yet underserved segment. We are seeing growing recognition to better serve newcomers in the UK, particularly as the FCA’s Consumer Duty rules take effect this year. The Nova Passport has been warmly welcomed by the market as a range of businesses can use it to build more compelling propositions and more valuable customer relationships.”
HSBC UK became the second HSBC entity, after HSBC Singapore, to roll out Nova Credit’s technology. In line with its commitment to supporting more new-to-country applicants to gain the credit they need internationally, HSBC’s venture capital division, HSBC Ventures, invested $10 million in Nova Credit in Autumn 2022.
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