China online finance regulator launches credit rating platform: China Daily
Add BT as a preferred source
DeeperDive is a beta AI feature. Refer to full articles for the facts.
[SHANGHAI] China's online finance regulator passed a resolution to jointly launch a personal credit information platform to serve online lending firms, China Daily reported on Monday.
The move comes after The National Internet Finance Association of China (NIFA) warned "unqualified institutions"on Friday to stop lending as Beijing steps up a crackdown on the micro-loan sector to fend off financial risks.
The Nifa will hold a 36 per cent stake in the platform, which will be jointly launched with eight third-party credit service agencies, the paper said.
The platform will primarily serve online personal lenders as well as traditional commercial banks, regulators and third-party service agencies, the paper added.
The platform will have registered capital of 1 billion yuan (S$204.1 million)and the Nifa will invest no more than 360 million yuan in the enterprise in the next five years.
The lack of a coherent personal credit information sharing system has led to individuals borrowing from multiple internet finance firms and fraudulent loan applications, said the paper.
Navigate Asia in
a new global order
Get the insights delivered to your inbox.
REUTERS
Share with us your feedback on BT's products and services
TRENDING NOW
Mustafa Centre begins fit-out at JB’s Capital City Mall after 2-year delay
‘Boring’ is the new black: The stars are aligning for a Singapore stock market revival
Aiming at China, Malaysia puts new restrictions on electric cars
Singapore tightens monetary policy for first time since 2022, raises inflation forecasts amid Iran war oil shock
