China’s central bank on Thursday gave the green light to a credit-scoring platform for individual online lending activity.
The company, under the name Baihang Credit Scoring, was granted a three-year license, with Zhu Huanqi, chairman of Huida Asset Management Co. Ltd., as the legal representative, according to a statement published on the website of the People’s Bank of China.
Supplementary to the state-run personal credit database, Baihang is China’s first unified, private platform to provide personal credit information services.
With registered capital of 1 billion yuan (around 150 million U.S. dollars), Baihang was jointly founded by eight credit firms including Tencent Credit and Alibaba-backed Zhima Credit, as well as the National Internet Finance Association of China, which is the largest shareholder with a 36-percent stake.
Analysts believe the platform will help address the lack of records on personal online creditworthiness and improve the country’s credit-scoring system.
If you like this article, please help us by making a donation so that we can continue our work. Please help keep us independent.
Editor: Gu Liping
CinaOggi.it and China-underground.com are two websites focused on China and Chinese culture. The site includes thousands of articles on this country structured in categories: news, trends, economy, history, art, guides, literature , pictures gallery, videos and Chinese cinema.