X Financial (NYSE: XYF) (the “Company”), a leading technology-driven personal finance company in China, announced that it has signed the “Credit Information Sharing Cooperation Agreement” with Baihang Zhengxin (“Baihang Credit”). X Financial is among the first batch of financial institutions to share credit information with Baihang Credit, and has successfully finished data system connection testing.
X Financial is going to transfer comprehensive, accurate and timely data to Baihang Credit, and Baihang Credit will integrate, save and process the data collected from the Company and multiple other partner companies, and provide information searching and other additional services for the cooperating institutions which are eligible and connected with Baihang Credit.
Mr. Justin Tang, Founder, Chief Executive Officer, and Chairman of X Financial commented, “We are pleased to begin sharing credit information with Baihang Credit. Leveraging the data shared on Baihang Credit’s platform, we will strengthen our credit assessment system which will allow us to quickly and accurately assess a customer’s creditworthiness, target a broader user base for our financial services, and reduce the cost of risk management. I am confident that this will greatly enhance the convenience of our financial services, reduce financial service cost for high credit people, and benefit development of inclusive finance industry in China.”
About: Baihang & Allies: An Abundance of Personal Data The formal launch of Baihang Credit (百行征信), the “first unified personal credit information firm” of China, has become big news in Chinese media, with some calling it a personal credit industry game changer. Baihang Credit is a joint venture of the aforementioned eight and the China Internet Finance Association.
It received its license in February of last year. The firm officially opened for business on May 23rd of 2018. While the China Internet Finance association reportedly holds 36% of the Baihang firm, the other eight shareholders each hold 8% (Zhang & Liu 2018). The eight companies are not just financial investors, but also active contributors and sharers of technology, resources, and data for the Baihang firm.
For further news about Baihang, click on this link.