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Central bank allows private firms to provide credit information services
Online Edition
THE Chinese central bank has given the nod to eight private companies to start preparation for the set-up of personal credit information units as a complement to the existing credit reference system.
The eight companies, including Tencent's affiliate Tencent Credit Investigation Co, and Alibaba's small finance unit Sesame Credit Management Co, were given a six-month period to prepare for the launch of their business, the People's Bank of China said in a statement on its website yesterday.
Setting up private credit investigation companies is a key step to realize the central government's blueprint to establish an overall credit reference system in addition to central bank's existing system, the statement added.
It is also aimed at setting up a credit reference market where market-driven organizations play their parts and at the same time cooperate with each other.
Other companies given the permission to start the preparation work include Beijing-based China Chengxin Credit Information Co Ltd, Intelli Credit Co, and third party payment firm Lakala Technology Co.
Last year, the central bank gave permission to 26 companies to carry out corporate credit investigation businesses.
Tencent said that it would leverage the huge amount of data on its social networking websites to provide useful information for the credit reference system, especially targeting those who don't have official financial records.
Alibaba's micro finance unit Zhejiang Ant Small & Micro Financial Services Group said it has accumulated consumers' online shopping behavior and various forms of financial data through its online payment service platform Alipay.
It said in a statement yesterday that the data mining capacities have laid a solid ground for the launch of its credit investigation service.
Its micro loan project has extended an accumulative of 190 billion yuan worth of loan for over 700,000 small and micro businesses since 2010.
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