HSBC Becomes First Foreign Bank to Cooperate with Chinese Central Bank’s Personal Credit Agency
HSBC (China) is set to become the first foreign bank to integrate with the data system of the Chinese central bank’s personal credit agency.
On 15 January HSBC announced that it had officially executed a cooperative agreement with Baihang Credit, for the integration of credit inquiry services based on data searches.
Integration with Baihang Credit will enable HSBC to better assess the credit situation of credit card applicants situated within China.
The agreement makes HSBC the first foreign-invested bank to undertake in-depth cooperation with Baihang Credit in the areas of product applications and smart risk control.
Established in March 2018, Baihang Credit is China’s first licensed market-based personal credit agency, and operates under the supervision and guidance of the Chinese central bank.
Xu Qijie (许其捷), Baihang Credit vice-president, said that HSBC is an key customer of the credit agency, and that he hopes that both companies will be able to contribute to the establishment of an open, accommodating and innovative credit ecosystem.