Credit ratings firm is thinking big
Print Edition
A CREDIT ratings firm in Jiading has acquired loans from a major domestic online retailer to further develop its services based on big data.
Juxinli.com serves 230 financial institutions including the financial arm of JD.com, Pudong Development Bank and Industrial Bank.
It collects personal data with users’ consent, analyzes it as well as offers clients credit reports on individuals.
JD, one of the biggest online retailers in China, lent the firm 28 million yuan (US$4.3 million) last year. A second round of loans is on the way.
Its sales revenue is expected to reach 50 million yuan this year and the company is estimated to be worth 500 million yuan.
More than 8 million borrowers have uploaded their personal information to Juxinli.com for credit rating.
Buyers may enjoy up to 15,000 yuan of credit when they are shopping on JD as Juxinli provides the online retailing giant consumer credit information.
Fraud is a major risk for Internet-based financial services.
Juxinli identifies a borrower’s risk status through his or her shopping records, delivery information as well as shopping behavior.
It helps clients to find qualified borrowers. With information from Juxinli, lenders don’t have to do credit checks themselves.
Juxinli says it has plans to serve more micro-credit companies this year and expand its business to more banking corporations as well as city commercial banks.
At the same time, its data base will also be enlarged. Chief executive officer Luo Hao said: “The depth and width of our data sources will be largely improved when the Internet deepens its impact on people’s daily life.”
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