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PBOC Tells Financial Institutions to Share Customer Data

PBOC C513N0073H_2014資料照片_N71_copy1The 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 million of them.

Shanghai’s China Business News said the People’s Bank of China has been intending to implement the policy since February last year. Loan companies in Shanghai are reportedly already sharing their information with the central bank, and in the future automobile loan companies as well as assets management companies and others will also comply.

Source:  China Times

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