Platform for credit information soon

The People’s Bank of China, the central bank, has received an application for a unified personal credit information platform that would be set up by the National Internet Finance Association of China with eight commercial credit information companies. The platform will build a national database that covers individual customers’ credit information in nonbanking fintech companies to better oversee online lending business and prevent financial risks based on the credit rating of individual borrowers. The platform will be located in Beijing with the National Internet Finance Association holding a 36 percent stake. The other eight companies will hold identical stakes of 8 percent each, according to published material published on the PBOC website.