(Yicai Global) May 10 -- China's central bank has reopened the nation's corporate credit record filing channel after a three-year hiatus, with three agencies getting licenses, including the firm behind business data search platform Tianyancha.
Beijing-based Jindidata, which runs Tianyancha, Credit Investigation under the China Electricity Council and I-Xinnuo were each granted a license, the department at the People's Bank of China that oversees business administration said on April 17.
The PBOC cautioned that the approvals are not an endorsement or guarantee of the quality of these firms' data, business level, governance, compliance, and abilities in risk management and information technology.
The corporate credit license is one of 13 financial licenses issued by the PBOC. It is different from personal credit investigation and the qualification is needed to enter the corporate credit business. It also requires high-quality data.
The system began in 2014, but with the exception of two foreign-funded institutions -- Dun & Bradstreet and Experian -- no domestic agencies were given licenses between mid-2016 and November 2018. Indeed, many had their registrations cancelled. After peaking at 137 such firms, 20 have exited the business.