Shanghai has launched a trial initiative for the sharing of data with key lenders in a bid to improve financial inclusion for micro and small enterprises.
On 23 December the Shanghai Big Data Center (上海市大数据中心) held the “Shanghai Public Data Openness Financial Inclusion Application Signing and Launch Ceremony” (上海市公共数据开放普惠金融应用签约暨上线仪式) in cooperation with the Shanghai financial and banking and insurance regulatory agencies.
The ceremony saw a total of eight government agencies execute the “Authorisation and Entrustment Letter” (授权委托书) for the sharing of over 300 categories of data related to financial inclusion with the Shanghai Big Data Center, including tax payment, municipal regulatory and commercial trademark data.
The eight agencies include Shanghai’s science commission, human resources and social welfare department, municipal planning and resources department, ecosystem and environmental department, residential housing and urban-rural construction committee, municipal market regulation department, taxation department and supreme Court.
A group of four banks also executed the “Shanghai Public Data Openness Financial Inclusion Application Data Usage Agreement” (上海市公共数据开放普惠金融应用数据利用协议), including the Shanghai branches of the China Construction Bank (CCB), Bank of Communications (BoCOM) and Shanghai Pudong Development Bank (SPD), as well as Bank of Shanghai.
The agreement will give these four banks access to more than 300 categories of data for the “active development of various forms of innovative lending products.”
In August Shanghai issued the “Shanghai Public Data Openness Provisional Measures” (上海市公共数据开放暂行办法), scheduled to come into effect on 1 October.
The Measures are the first local government regulations on the sharing of public data to be released within China.