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People’s Bank of China

China P2P Online Lending: Regulation will be Crucial for Success

According to Chi Guan Jianzhong, president of the Chinese ratings agency Dagong Global, China is currently going through a quiet crisis: Many Internet-based money lenders (P2P platforms) are sinking, along with the funds they owe to their creditors.  The crisis may last into the middle of the year and incur a total loss of 100 billion yuan ($16 billion) to ... Read More »

Credit Information China: CCRC’s online P2P Credit Platform

The People’s Bank of China’s Credit Reference Center (CCRC), through its subsidiary Shanghai Credit Information Services Co., Ltd (CIS), has recently launched an online financial credit system – NFCS.  According to CIS, NFCS now has 370 loan companies and 524,000 registered customers as of the end of December 2014.  An insider of CIS’ credit business branch claims the number of ... Read More »

The People’s Bank of China (PBOC) Opens Commercial Market for Consumer Credit Reporting

Powerhouses such as Tencent Holdings, Alibaba Group Holding and Ping An Group to enter consumer credit reporting as well as several others.  While the big three may qualify for individual licenses it is being said that they may cooperate in creating on single credit bureau. Following the introduction credit reporting regulations in 2013 speculations run high as to when and ... Read More »

BIIA Welcomes the Credit Reference Center, People’s Bank of China as a New Member

BIIA is pleased to announce that the Credit Reference Center, the People’s Bank of China (CCRC) has joined the BIIA – Business Information Industry Association as a new member. The Credit Reference Center, the People’s Bank of China (CCRC) was established in March 2006. Its mandate is to establish, operate and maintain the national centralized commercial and consumer credit reporting system ... Read More »

BIIA Welcomes the Credit Reference Center, People’s Bank of China as a New Member

Credit Reference Center, the People’s Bank of China (CCRC) was established in March 2006. Its mandate is to establish, operate and maintain the national centralized commercial and consumer credit reporting system in China. CCRC collects a comprehensive array of credit information about enterprises and individuals. As of the end of 2013, the system covered over 840 million consumers and 19 ... Read More »

PBOC Tells Financial Institutions to Share Customer Data

The People’s Bank of China is planning to force public credit reference agencies to share their information if they wish to obtain a license. Wang Xiaolei, deputy chief of the People’s Bank of China’s credit reference department, said that there is data on about 800 million people in the bank’s database, but it only has credit history records for 300 ... Read More »

China Regulates Credit Information

According to a press release of the Legislative Affairs Office of the People’s Republic of China, Premier Wen Jiabao, presiding over a State Council executive meeting, examined and adopted the “Credit Management Ordinance”. The legislation covers consumer and commercial credit information and took several years of extensive consultation between the Legislative Affairs Office of the State Council, the People’s Bank ... Read More »

China: People’s Bank of China Governor Says China Should Cut Reliance on Foreign Ratings

China should reduce its reliance on overseas rating companies by encouraging large financial institutions to strengthen their research and make their own judgments, central bank Governor Zhou Xiaochuan said.   China is also considering establishing credit-rating companies backed by the government.  Zhou’s remarks reflect China’s desire to seek alternatives to the top-three global rating companies amid skepticism among officials about their independence. ... Read More »

PEOPLE’S BANK OF CHINA WORKSHOP ON CREDIT INFORMATION

BIIA IN ACTION:  BIIA management and colleagues from the BIIA regulatory committee attended an important three day regulatory workshop organized by the People’s Bank of China and the IFC, which took place on Hainan Island.   Three major industry associations were invited:  BIIA representing rating services and business credit information services; ACCIS, the European Consumer Credit Information Association and CDIA, the ... Read More »