HSBC has partnered with cross-border credit bureau Nova Credit to enable newcomers to the UK to leverage their international credit history instantly 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 12 countries, including India, Kenya and the US.
As 95 per cent of Britain’s net population growth comes from immigration, HSBC thinks newcomers are “vital to the growth of our economy”.
The bank’s UK head of unsecured lending, Madhu Kejriwal, said newcomers could confront problems due to a lack of local credit history while settling in the UK.
“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.”
HSBC’s UK becomes the second HSBC entity after its Singapore arm to roll out Nova Credit’s technology.
Collin Galster, head of international at Nova Credit said: “With nearly 100 per cent 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’re seeing growing recognition to better serve newcomers in the UK…”
HSBC Ventures invested $10 million in Nova Credit last autumn.