Consumer Finance

In 2023, the credit cards category is again showing positive growth in all terms, cards circulation as well as volume and value transactions, as it did in the previous year. Credit card spending has recovered across categories. Holidays and the end…

Credit cards in India witnessed healthy demand in 2023 as consumers looked to bridge their income gap through smart spending. The adoption of credit cards further increased during the year, primarily as responsibilities in the form of expenditure…

Since the reopening of borders in the fourth quarter of 2022, there has been a surge in enthusiasm among Hong Kong locals to travel abroad after enduring three years of the pandemic. Residents are now showing a strong and sustained interest in…

The number of credit cards in circulation and credit card current value transactions are expected to increase in 2023, mainly driven by further improvements in mobility and economic conditions after COVID-19 restrictions were lifted at the end of…

In 2023, the State Bank of Vietnam implemented measures to promote consumer lending for daily needs. To encourage banks to increase their lending activities, including consumer lending, the State Bank issued Circular No. 06/2023/TT-NHNN on 28 June…

At the beginning of 2023, the industry anticipated a surge in consumer lending demand as Filipinos resumed spending as the country emerged out of the Coronavirus (COVID-19) pandemic. A substantial share of consumers also resorted to loans to manage…

Thailand consumer lending remains robust in 2023, with double-digit growth rates in gross lending as the category continues to recover from the COVID-19 pandemic. The rise in private consumption and the revival in tourism has led to an upturn in…

In 2023, the total credit amount in Taiwan surged over the previous year. This figure has doubled since pre-pandemic levels at the end of 2019. Taiwan's financial landscape boasts a multitude of institutions holding significant liquid funds.…

Gross consumer lending’s growth is continuing to outperform outstanding balance, driven by card lending, as local consumers spend more with the reopening of society and cross-border travel. However, outstanding balance on card lending (encompassing…

Consumer lending in Singapore is exhibiting positive growth in 2023, displaying a robust recovery from the pandemic's impact since 2022. Notably, card lending has emerged as a significant driver of growth in overall consumer lending, coinciding with…

Towards the end of the review period, many local consumers took out personal loans to cope with higher financial burdens. Malaysian banks have offered personal loans with more flexible repayment plans and more appealing terms when required. The…

Consumer lending in Japan is growing in 2023 in line with demand for greater convenience and easy access to lending services, mainly due to more services being accessed online. New emerging players, such as LINE Pocket Money by LINE Credit…

The consumer lending category has experienced another strong performance in Indonesia in 2023. Gross lending has shown further positive growth during the year, along similar lines to 2022. Improving economic conditions as a result of people's…

Consumer lending is growing at a healthy pace in India, driven by evolving lifestyle preferences where consumers strive for a higher standard of living and access to modern amenities. The country’s growing economy, rising disposable incomes, and…

Consumer lending in Hong Kong is experiencing a spike in growth as the economy recovers from the impact of the pandemic, with 14% growth in gross lending primarily driven by card lending. The reopening of borders in the fourth quarter of 2022 has…

Demand for consumer lending is set to see a moderate rebound in 2023, as the pandemic has eased, and consumer spending has returned, especially on services and in other discretionary categories. However, growth in consumer lending in China is…

The biggest story in consumer lending in 2023 is the issuing of the new Circular by the State Bank of Vietnam, to promote consumer lending for daily needs. To encourage banks to increase their lending activities, including consumer lending, the State…

Towards the end of the review period consumer loans has shown continuous current value growth. In 2023, current value growth is being driven by credit cards and various personal lending options, particularly salary-based general purpose loans.…

Thailand’s economic performance in 2023 is improving as the pandemic effects subside and private consumption rebounds. Other positive factors include the surge in Thai and foreign travellers, as well as improvements in the service sector, which is…

The government's relaxation of control measures on digital banks has paved the way for a broadened range of financial services offered by pure digital banks. Although the impact on traditional banks and digital wallet operators remains relatively…

One of the most significant global issues concerning consumer credit is BNPL (Buy Now Pay Later) services, which enable consumers without sufficient funds to make an immediate purchase, locally known as “thin filers”, to obtain goods and pay at a…

Following the pandemic, card lending, contributing to over 60% of consumer credit gross lending in Singapore, has witnessed significant growth, largely propelled by the enduring trend of revenge travel. The resumption of travel and tourism activities…

In 2021 and 2022, many local consumers used personal loans when faced with unplanned expenses or a personal financial emergency. Malaysian banks were very active in offering personal loans to individuals, providing flexible repayments and offering…

Japan currently does not have any law restrictions surrounding Buy Now Pay Later (BNPL) and thus the benefits, such as convenience, flexibility, and especially no credit checks, are gradually being understood by a wider consumer base. These benefits…

Consumer credit gross lending has experienced further strong growth in 2023, along similar lines to the previous year. The main factor behind this growth has been the improvement in economic conditions as a result of increased community mobility…

In 2023, card lending - driven by increasing credit card adoption in India - remained the dominant category within consumer credit in gross lending terms. The adoption of credit cards further increased during the year, primarily as consumers’…

Since the reopening of borders in the fourth quarter of 2022, there has been a significant increase in the desire of Hong Kong residents to travel abroad, following three years of pandemic-induced restrictions. Throughout 2023, there has been a…

Consumer credit is set to see a moderate rebound in 2023, following subdued demand in 2022, affected by the pandemic. The pick-up in consumer credit growth has largely been due to rises in home and card lending, reflecting some improvement in…

American Express signed a partnership with Vietnam JSC Bank for Industry & Trade (Vietinbank) in 2021 to increase acceptance of its cards in Vietnam. However, charge cards are not issued in Vietnam and there is unlikely to be any significant demand…

As charge cards caters to higher-income earners, it is still only small in the Philippines in 2022. Credit cards have low penetration in the country and it is thus to be expected that more premium card products will have an even smaller market. Even…

During the COVID-19 pandemic, the charge card category declined significantly due to restrictions on all activities such as traveling, dining and entertainment, which impacted normal patterns of expenditure. In the post-pandemic era, consumers have…

Despite being historically less popular in Taiwan due to limited merchant acceptance compared to VISA, MasterCard, and JCB, American Express (AMEX) is making significant strides in the market. The key to its success lies in the exclusive benefits and…

Charge card transactions have demonstrated a consistent upward trajectory in terms of transaction volume and retail value in 2023, coinciding with the resurgence of travel activities in Southeast Asia as pandemic-related restrictions have been…

Charge cards continue to struggle to appeal widely, and consumer demand is set to remain relatively low at the end of the review period. This situation is confirmed by the limited supply of charge cards from banking institutions in Malaysia. Indeed,…

In 2023, the charge cards category has experienced positive growth, both in terms of volume and value transactions. Similarly to the previous year, growth has largely been driven by the revival of normal social and economic activity in the wake of…

Charge cards in India remained a niche category within financial cards and payments in 2023, largely due to higher eligibility criteria for issuance. Given the higher credit score and minimum salary requirement for a charge card in comparison to…

There has been a decline in the number of high net worth individuals (HNWI) in Hong Kong since 2020. In response, charge card operators such as American Express and Diners Club are determined to customise their latest offers to better cater for this…