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China central bank to issue eight credit bureau licenses Print E-mail
Thursday, 27 August 2015

In the next few weeks the China central bank will officially issue eight credit bureau licenses. That’s important because with the yuan devalued, the China Composite crumbling, and the Chinese government trying to reorient the economy from investment to consumption, issuing these licenses and building out its credit ecosystem today is a strategy that will continue to propel China to be a global powerhouse.

Tom Brown, senior vice president, financial services, LexisNexis Risk Solutions has been meeting and working with some of the eight Chinese credit bureau companies. He can offer insights and commentary around the real-world economic impact of this news, specifically addressing the following topics:
 
    •    With 234 million Chinese people underbanked, expanding credit is a way for China to further expand a robust  middle class, which will bring long-term stability to its economy.  Credit is an element that helps people out of poverty.
    •    The strength of any developed economy is on the back of the consumer, so by including more Chinese people into the credit system China will have a strong foundation to grow its economy.
    •    China credit companies are looking to developed markets to leverage best practices and advance well beyond even leading markets such as the U.S.
    •    Emerging Chinese Risk Information players are looking for proven expansive data, technology, and analytic linking capabilities, which gives these companies thus the banks an expansive view of consumers so that more people can be included in the financial system and beyond. This approach gives them a broad view of people and businesses so that they can detect and prevent identity theft fraud, money laundering and terrorist financing, in addition to making credit decisions.

(Source - LexisNexis Risk Solutions Media Alert)
 
To speak to Tom Brown, contact  Hannah Winter of Rostrum Communications at This e-mail address is being protected from spam bots, you need JavaScript enabled to view it
 

 

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