The Union was originally named as Royal Hong Kong Police Credit Union. With effect from 1st July, 1997, due to the change over of sovereignty, it was re-named as Hong Kong Police Credit Union.

In March 1981, a group of officers of the Police Force, formed an organising committee to establish the Union. They spent half a year in research, discussing and drafting the By-Laws. On 2nd November 1981, the Royal Hong Kong Police Credit Union became officially registered by the Registrar of Credit Unions under the Credit Unions Ordinance, Chapter 119, Law of Hong Kong.

The Inauguration Ceremony of the Royal Hong Kong Police Credit Union was held on 22nd January 1982, officiated by the then Deputy Commissioner of Police (Management) Mr. E. Blackburn, QPM, CPM, FBIM, JP.