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China to launch its first unified credit platform for online lending

2018/1/5 13:13:36   source:China Plus/Xinhua

China's central bank has started its process to approve a planned credit reporting agency focusing on online lending.

The planned agency, named Baihang Credit Scoring, is set to be backed by a number of internet companies including Alibaba and Tencent, according to a statement from People’s Bank of China on Thursday.

The government-backed National Internet Finance Association of China is set to become Baihang’s largest shareholder, owning 36% of the company. Eight credit firms including Alibaba’s Zhima Credit and Tencent Credit will each have shares of 8 percent.

With such a shareholding structure, Baihang will not become a subsidiary of any of its shareholders.

The company will have a registered capital of 1 billion yuan (more than 150 million U.S. dollars).

This is set to be the first unified credit platform for internet-based lending.

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