China’s personal credit agency is in discussions with two of the country’s top tech giants to launch cooperative relations.
“When it comes to cooperation with internet companies such as Alibaba and Tencent, Baihang Credit is focused on market demand,” said an executive from Baihang Credit to 21st Century Business Herald.
“[We] are currently in communications on sharing information on credit increases by borrowers, as well as in-depth exchanges on cooperation concerning certain products.
“We have already initially confirmed product types, and properly performed pre-period preparatory work for further expanding product types and raising service levels for Baihang Credit.”
The statement from Baihang Credit follows overseas media reports that both Alibaba and Tencent have refused to provide loans data to the Chinese government.
Alibaba and Tencent participated in the founding of Baihang Credit via their own credit subsidiaries, Ant Financial-backed Sesame Credit and Tencent Credit.
“Since its founding, the various shareholders have provided the company with very considerable support with regard to the five areas of systems development, product R&D, technical strength (personnel), market expansion, and the sharing of lending information,” said the Baihang representative.
“During the initial phase of the venture the majority of staff came from the shareholders, and at present thirty percent of staff are seconded from shareholders for support.”