Chi­nese lenders an­a­lyze your bill-pay­ing his­tory, plus your so­cial media

Bloomberg Businessweek (Asia) - - CONTENTS - ——Shai Oster and David Ramli

In China, your on­line life can be­come part of your credit pro­file. Lend­ing plat­form China Rapid Fi­nance has used data on the fre­quency of in­stant mes­sag­ing, the num­ber of on­line friends, and even gam­ing habits to pre-ap­prove mil­lions of bor­row­ers. WeLab gives bor­row­ers in Hong Kong a dis­count of 5% on the cost of a loan for con­nect­ing their Face­book ac­counts and a 10% break for LinkedIn. With rel­a­tively few Chi­nese us­ing tra­di­tional lenders like banks, there’s a big po­ten­tial mar­ket for new kinds of credit.

Newspapers in English

Newspapers from Australia

© PressReader. All rights reserved.