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January 7, 2015

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Nod for personal credit info firms

CHINA’S central bank has allowed eight private firms to set up personal credit information companies to complement the existing credit reference system.

The eight firms were given a six-month period to work toward launching their business, the People’s Bank of China said in a statement.

Setting up private credit information companies is key to helping the central government establish an overall credit reference system to complement the PBOC’s existing system, the statement added.

The move is also aimed at getting market-driven organizations to play their part in helping set up a credit reference market and cooperate with each other, the PBOC added.

The eight companies given the go-ahead include Tencent’s affiliate Tencent Credit Investigation Co, Alibaba’s small finance unit Sesame Credit Management Co, Beijing-based China Chengxin Credit Information Co, Intelli Credit Co and third-party payment firm Lakala Technology Co.

Tencent said it would leverage the huge amount of data on its social networking websites to provide useful information for the credit reference system, especially those who have no financial records yet.

Alibaba’s Zhejiang Ant Small and Micro Financial Services Group unit said it has accumulated consumers’ online shopping behavior and financial data through its Alipay online payment service platform.

Zhejiang Ant said in a statement yesterday that its data mining capacity will help launch the new credit information service company.


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