China Gives Green Light to First Government-Led Personal Credit Scoring Firm

China’s central bank, the People’s Bank of China, has officially issued the first domestic personal credit scoring license to the state-led Baihang Credit Scoring Co. which partnered with domestic major credit scoring institutions backed by such internet giants as Alibaba Group Holding Ltd., Tencent Holdings Ltd. and NetEase Inc.
The new platform will mainly provide clients with personal credit information collected from online lending institutions, as well as consumer finance and microcredit companies, Yicai Global learned. The national internet finance association of China holds 36 percent stake in the new firm while the remaining eight credit agencies under pilot hold 8 percent each.

Read More – YicaiGlobal

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