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Russian Company Statistics: The Liquidation of Legal Entities has been Increasing, but not Due to Bankruptcies

In 2016 approximately 499,000 legal entities were created, however during the same period 781,000 legal entities were removed from the register, leaving a total registered active companies of 4.6 million as of January 01, 2017.  Liquidations in 2016 were 2.4 times higher than the 338,000 company liquidations recorded in a prior year.  According to the Federal Tax Service (FNS), which ... Read More »

CRIF Germany Launches CREDITY, a new B2B Credit Management Solution

CRIF has launched CREDITY, the new B2B Credit Management Solution (SaaS) for the non-finance service sector. CREDITY is an optimized decisioning & collaboration web tool for international credit management that companies can use for the daily management of their business customer portfolio.  The key benefits are: Fast & easy onboarding (no customization projects required) Cutting edge user interface (“strong UX”) ... Read More »

Keep the Date: BIIA 2017 Biennial Conference Bangkok, Thailand October 18 to 20, 2017

BIIA invites business and credit information industry professionals to attend the BIIA 2017 biennial conference where we intend to discuss disruptive technologies  impacting our industry and the businesses of our customers.   Venue:  The Okura Prestige Hotel, Bangkok, Thailand    The conference will start with a Welcome Reception in the evening of the 18th October 2017.  The main conference sessions will ... Read More »

BIIA in Action:  China Internet Finance Credit Reporting Forum 2016 (Dec 1-2)

Shine Consultants hosted the 2nd China Internet Finance Credit Reporting Forum 2016.  The event was attended by a wide range of industry players from the commercial banking industry, P2P lending, consumer finance, credit bureaus, risk prevention and big data companies.  The event was co-hosted by the Shanghai Credit Services Trade Association. For the second time BIIA was a supporting organization ... Read More »

EU Study: Small Businesses Increasingly Confident About Access to Finance

EU Publishes “Survey on the Access to Finance of Enterprises” (SAFE). The Survey was published on: 30/11/2016 Key Findings: Small businesses from the EU are increasingly confident about their access to finance, according to a joint survey published today by the European Commission and the European Central Bank. Access to finance is the least pressing problem in general and businesses’ demands ... Read More »

Fintech is the Game-changer for Financial Inclusion in Asia

Due to innovations in financial technology and changes in the enabling environment, the number of financially excluded adults across Asia and the Pacific has dropped to about 1 billion. Editorial comment: This topic was on the agenda of the Global Payment Summit 2016 and is a good summary of the potential impact FinTech has on financial inclusion.  Ms Lotte Schou ... Read More »

China’s National Development and Reform Commission (NDRC) and Alibaba to Build Credit System for SMEs

China’s top economic planner, the National Development and Reform Commission has teamed up with Alibaba to build a national credit system for small- and medium-sized enterprises. Millions of transactions take place on China’s largest e-commerce platform Alibaba every day leaving a trail of data.  The data will be integrated in a platform to promote credibility and transparency of SMEs in ... Read More »

Transparency: China & Cambodia to Exchange Credit Reports

The central banks of Cambodia and China are in talks to share customers’ credit reports in an effort to boost bilateral private investment, as a response to rising trade between the two countries. The National Bank of Cambodia (NBC) director general Chea Serey told Khmer Times yesterday that discussions were held with senior People’s Bank of China official Luo Yue ... Read More »

Credit Rating in India: Security and Exchange Board Issues new Guidelines

The Securities and Exchange Board of India (SEBI) late on Tuesday issued guidelines to enhance the standards of the credit rating industry, including mandating more disclosures by credit rating agencies (CRAs), ensuring greater discipline in the rating processes, making rating outlooks compulsory, recommending performance evaluation of rating committees, underlining the process to be adopted in the event of non-cooperation by ... Read More »

Macau Credit Database to be Launched on January 1, 2017 to Protect Gaming Sector from Bad Debt

Macau’s VIP gaming sector representatives hopes of setting up and operating a centralized credit database by January 1 in 2017.  The main purpose of the database was to identify people with bad debts relating to VIP gambling credit.  Kwok Chi Chung, president of the Association of Gaming and Entertainment Promoters, said his body hoped to have a central credit database – capable of ... Read More »

China Cross-border Trade Boosted with New Scheme

Greater Information Sharing between Chinese Government Institutions A trade credit incentive mechanism was jointly unveiled by Chinese authorities recently to promote the credibility and standard of Chinese enterprises in carrying out cross-border business and boost international trade. The General Administration of Customs, National Development and Reform Commission (NCRC) and Bank of China (BOC) jointly initiated the credit incentives program by ... Read More »

Russia: Additional Filing Requirements for Legal Entities and Single Proprietors

The Russian Unified Federal Register for legal entities has issued new data filing requirements As of October 1, 2016 Russian companies are obliged to file additional information about their business activities in the Unified Federal Register of legally relevant data on activities according to Federal Law of July 3rd, 2016 No.60-FL «On amendments to legislative acts of the Russian Federation». ... Read More »

UK Home Office Releases Response on AML and Counter-Terrorist Finance Consultation

In April 2016, the UK Government published an Action Plan for anti-money laundering and counter-terrorist finance, setting out steps to address weaknesses identified in the October 2015 National Risk Assessment of Money Laundering and Terrorist Financing. The Home Office subsequently consulted professionals from across government bodies, law enforcement, and professional and financial services. In light of feedback and concerns around ... Read More »

Graeme Samuel to Head new Data Governance Association in Australia

Former ACCC boss Graeme Samuel will head the new Data Governance Association, announced in Melbourne last week and flagged in the previous week in Which-50.com. The 12 founding board members are drawn from major financial institutions, leading retailers, law firms, real estate corporations, airlines, and specialist data suppliers including technology, software and consulting service providers. The list includes companies like ... Read More »