Use of Alternative Data in China Rife with Abuse: Senior Central Bank Official

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A senior official from the People’s Bank of China (PBOC) has highlighted widespread abuses in the use of alternative data by the finance sector.

Wan Cunzhi (万存知), head of PBOC’s credit management department, said that misuse of data within China’s data sector was “severe,” with multiple data leaks both domestically and abroad during the past several years.

“Legality and security are the baseline for the use of alternative data,” said Wan at the 2019 China Financial Inclusion International Forum (2019中国普惠金融国际论坛) on 11 October.

“Alternative data cannot be a panacea, and cannot resolve all credit or financial inclusion problems.”

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