Xiaomi, JD-backed Agency Grabs China’s Second Personal Credit License


The People’s Bank of China (PBOC) has just issued China’s second ever personal credit ratings license to a joint-venture backed by smartphone maker Xiaomi and e-commerce giant JD.com.

On 25 December PBOC announced that it approved Pudao Credit Co., Ltd.’s (朴道征信有限公司) application for a personal credit operations license, make it the second agency to obtain a license after Baihang Credit – an agency which was first licensed in early 2018 and operates under PBOC’s aegis.

PBOC said that the decision will “increase the effective supply of credit [operations], and actively drive the market-based growth of China’s credit ratings market.”

“PBOC will continue to uphold a development direction based on the market, rule-of-law and technology, and drive supply-side structural reforms of credit operations.”

Pudao Credit has registered capital of 1 billion yuan and its registered address is in Beijing’s Chaoyang District, while its site of operations is the Sanxing Tower (三星大厦). 

Pudao Credit’s main shareholders include:

  • Beijing Financial Holdings Group (北京金融控股集团有限公司), which holds a 35% stake in the company;
  • JDD (25%);
  • Xiaomi (17.5%);
  • Megvii (17.5%);
  • Beijing Juxin Youxiang Enterprise Management Center (Limited Partnership)(北京聚信优享企业管理中心(有限合伙)) (5%).

Senior executives of the company will include Zhao Yihan (赵以邗) as chairman. Zhao is currently the vice-chair of PBOC’s Credit Reference Centre (央行征信中心), and previously served as the deputy-governor of the Wuhan branch of PBOC.