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China’s Tencent Enters Credit Information

tencent_logo 300The approval of eight enterprises by China’s PBOC to enter the personal credit market in 2015 sees Internet giants Aliba (Alipay) and Tencent competing for a piece of the market share.  

General Manager of Tencent Credit Services, Wu Dan, disclosed at the Global Mobile Internet Conference (GMIC) in Beijing that the company is currently establishing personal credit rating reports for some 800 million Tencent users.

The Internet giant has subsidies in instant messaging, social media, mass media, e-commerce and online gaming. Tencent’s personal credit reports will be based on users’ data pertaining to consumer behaviour, where the assessment criteria will include personal wealth, safety, history of compliance, spending behaviour, social patterns, etc.

According to Wu, Tencent’s portfolio of big data together with its capabilities in fraud prevention and facial recognition will allow the company to provide accurate assessments. While the PBOC’s credit rating system covers around 800 million individuals, Tencent estimates that only 300 million have credit relationships with banks. The remaining 500 million who have no official credit history are most often users of online financial products, and are active users of Tencent’s various platforms.

General Manager of Tencent Credit Services, Wu Dan, disclosed the company is expecting to receive its operating license from China’s PBOC at an earliest date by June/July this year. The company is looking to offer personal credit reports to the 800 million users across Tencent’s various platforms.

Tencent’s credit services will be aimed at both corporate and personal use, with corporate clients to mainly include banks, consumer finance companies, automobile financial companies, small-loans companies, P2P financial companies, etc. For individual users, the company is targeting young professionals, and those who are not covered on the PBOC’s credit system, including the blue collar working class, self-employed persons, etc.

Source:  Donews.com  Politics/People.com

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