China to launch first unified personal credit platform for online lending

2018-01-05
Xinhua

BEIJING — Several internet firms have filed with the central bank to set up a credit-information platform.

The new company, under the name of Baihang Credit Scoring, will be backed by Alibaba and Tencent, among others, according to the People’s Bank of China on Jan 4.

With 36 percent of the company, the National Internet Finance Association of China will be the largest shareholder.

Baihang will have a registered capital of 1 billion yuan (more than $150 million). Eight credit firms including Zhima Credit and Tencent Credit will each have shares of 8 percent.

Zhu Huanqi, chairman of Huida Asset Management Co Ltd, will be the chairman.

The platform will provide personal credit information services for online lenders, supplementing the state-run credit platform.