Blue Whale News, September 10 (Reporter Huang Yujie Zhang Shuwei) Recently, Blue Whale News learned from the State Administration for Market Regulation that China's corporate credit index was 156.65 in July this year and 158.95 in the first half of 2024.
A few days ago, Chongqing Hualong Qiangyu Credit Management Co., Ltd. (hereinafter referred to as "Hualong Credit"), an enterprise credit reporting company, underwent a series of industrial and commercial changes. Blue Whale News noticed that this is a rare case in the industry where a fintech company has laid out a corporate credit license.
The credit layout of fintech enterprises makes up for the lack of "data" elements
Let's take a look at the specific situation of this enterprise credit license.
Blue Whale News learned that from the perspective of industrial and commercial information, the original three shareholders of Hualong Credit: Chongqing Huist Science and Technology Development Center (Limited Partnership), Chongqing Senmao Yilong E-commerce Co., Ltd., and Beijing Dongwei Chuangxing Technology Co., Ltd. have shown their withdrawal. There is only one original shareholder left, Chongqing Hualong Network Group Co., Ltd.
The two new shareholders of Hualong Credit are Shenzhen Xiaoyudian Digital Technology Co., Ltd. (hereinafter referred to as "Xiaoyudian Digital Technology") and Guangdong Zunyi Interactive Technology Co., Ltd.
According to public information, Hualong Credit was established in 2014, is a subsidiary of Chongqing Hualong Net Group Co., Ltd., is a state-controlled enterprise, and is the first third-party social credit investigation agency in Chongqing to pass the review of the Chongqing Business Management Department of the People's Bank of China and obtain the "Enterprise Credit Business Operation Record Certificate".
The main business of Hualong Credit is to establish credit files and improve credit records for legally registered enterprises and institutions in China, etc., and is an enterprise credit reporting agency, and its main products are Hualong Credit Enterprise Information Inquiry Platform, District and County Credit System Construction Three-piece Set, Financial Industry Credit Service System and other credit products, providing services including data platform construction, enterprise information inquiry and providing enterprise credit reports.
Combined with Xiaoyudian Digital Business, Xiaoyudian Digital Business provides enterprises with joint operation, a full set of credit business financial technology platform construction services, and provides SaaS model, full customer life cycle and business process consulting services, as well as related big data services. As a result, Xiaoyu Dian Digital Technology's move to invest in Hualong Credit is also out of consideration for further opening up and improving data elements and compliance operations.
The vice president of a company engaged in risk control business pointed out to Blue Whale News that holding a corporate credit report license is a necessary certificate for enterprises to legally store and process corporate information. For companies that do not have this license but intend to set foot in the field of corporate credit reporting, they usually choose to apply for and obtain filing permission from the relevant departments through "credit filing", that is, to carry out relevant business in compliance. If it is purely for the purpose of information storage, the actual significance of obtaining a corporate credit investigation license may not be significant.
"The more purpose of the enterprise credit investigation license is to provide compliance guarantee for service providers, so that they can enhance the legal compliance of enterprise information-related businesses when carrying out services." It further stated.
In addition to Xiaoyudian Digital Division, Xiaoyudian Group's other main business is credit business, which is operated by Chongqing Xiaoyudian Microfinance Co., Ltd., and its main products include "Yudian Loan", that is, business loans mainly for the "three rural" groups and small and micro enterprises across the country. From the perspective of credit business, the credit information company or Xiaoyudian Group has improved its ability to control the degree of loan risk and manage the risk of credit assets.
It is worth mentioning that there have been cases of fintech companies deploying in the field of credit investigation before.
In November last year, Radio and Television Express announced that it planned to acquire a total of 900 million yuan to acquire the shares of Zhongshu Zhihui, a big data enterprise credit company, and increase its capital, and would obtain 42.16% of the equity of Zhongshu Zhihui. Radio and Television Express said that this transaction will make up for the company's lack of data, the core key element of the four elements of artificial intelligence, "algorithm, computing power, data, and scenarios".
At the same time, in terms of performance, the addition of Zhongshu Zhihui has also helped the performance of Radio and Television Express to a certain extent. In the first half of 2024, the growth of revenue and profit of Radio and Television Express was mainly due to the increase in the scale of the merger and acquisition of CICC Payment, Zhongshu Zhihui business and urban intelligence business, of which the financial technology business achieved operating income of 3.028 billion yuan, a year-on-year increase of 29.3%.
Founded in 2012, Zhongshu Zhihui is a big data enterprise credit company, with more than 10 years of accumulation of enterprise credit data, algorithms, models and software, providing data services for domestic banks, development financial institutions, leading Internet companies, financial asset management companies, etc. In 2020, Zhongshu Zhihui sought to be listed on the Science and Technology Innovation Board, or because of the new regulations on the attributes of science and technology, and then withdrew its listing application.
Licensed operation, the compliance development of credit reporting business of financial institutions has accelerated
Blue Whale News has an in-depth understanding that mainland credit reporting agencies are divided into two types: personal credit and corporate credit, and compared with the difficult birth of personal credit reporting licenses, the threshold for corporate credit reporting licenses is relatively lower. According to the statistics displayed on the official website of the People's Bank of China, as of August 2024, a total of 154 corporate credit reporting agencies in 30 provinces (municipalities and districts) across the country have filed with branches of the People's Bank of China.
According to incomplete statistics from Blue Whale News, from the perspective of the background and business scope of shareholders of credit reporting platforms in various places, the above-mentioned corporate credit reporting agencies are mostly backed by local state-owned enterprises, etc., and are promoted by the cooperation of multiple regulatory departments, mainly through the collection of credit data of local or industry in the fields of enterprises, people's livelihood, public utilities, etc., to form credit information products and services, so as to empower financial institutions and help the current national focus on promoting the solution of the problem of difficult and expensive financing for small and medium-sized enterprises.
In addition, most of the corporate credit reporting agencies are set up by Internet leaders and financial technology companies to enrich their business coverage, such as Beijing Du Xiaoman Credit Information Co., Ltd., which is wholly owned by Du Xiaoman Pay, and Beijing CreditEase Zhi Chengxin Management Co., Ltd., which is 80% owned by CreditEase Tangning.
A senior executive of a fintech company told Blue Whale News that some companies hold corporate credit reporting licenses, and their main purpose is to research and analyze corporate credit data. However, in practice, the practical application scenarios of these licenses are relatively limited, and the frequency of use is generally low. However, in view of the relatively low cost of obtaining a corporate credit investigation license, some companies may still choose to hold such licenses through acquisitions or equity acquisitions for future needs out of strategic reserve considerations.
At this stage, in the context of the digital economy, some institutions are also actively deploying data business and corporate credit business, but with the stricter regulatory requirements for license application, the difficulty of applying for enterprise credit information license is also increasing. In order to conduct business in compliance, the credit reporting license of the merger or acquisition or shareholding of the enterprise may become the first choice, and the acquirer will first change part of the shares, obtain the right to operate and manage, and install the credit information business to achieve the sustainable and compliant development of the company.
Blue Whale News further learned that the corporate credit license plays a certain role in promoting the integration of finance, data and technology. In the context of the digital transformation of financial institutions, the enterprise credit investigation license is one of the entry points for fintech groups to build an industry ecology and open up B-end traffic.
In the context of the era of big data, credit investigation runs through the whole chain of mutual finance from front-end precision marketing, customer acquisition, to mid-end auxiliary decision-making, and then to back-end risk management, providing certain support for economic entities to build a closed-loop ecosystem of financial business.
However, the data accumulated by enterprises themselves often has the problems of single dimension and insufficient value mining. At the same time, the People's Bank of China implements dynamic management of enterprise credit reporting agencies. On the one hand, the filing of qualified institutions will be implemented, and on the other hand, the cancellation management will be implemented for the institutions that have not carried out business for six months after the filing.
In September 2021, the People's Bank of China promulgated Article 5 of the Measures for the Administration of Credit Investigation Business, which stipulates that financial institutions shall not carry out commercial cooperation with market institutions that have not obtained legal credit investigation business qualifications to obtain credit investigation services.
Therefore, obtaining the record of enterprise credit reporting agencies has become an urgent problem for such institutions to solve. At the same time, relying on licensed credit bureaus, enterprises can collect external data and integrate it with internal data to form multi-dimensional structured data assets, and help fintech companies realize value-added data, improve the efficiency of data collection and the ability to accurately control their own data to a certain extent, and strengthen the independent risk control capabilities of fintech companies.
In terms of supervision, the establishment of a credit regulatory standard system has entered the fast lane. In August this year, the State Administration for Market Regulation issued the second batch of notices on the development of key national standards for credit regulation, deploying six national standards for credit regulation, including the "Requirements for the Establishment of Credit Compliance for Business Entities", to advance the establishment of a credit regulatory standards system and solve the problem of insufficient supply of standards in the field of credit regulation.
The State Administration for Market Regulation said that in the next step, it will further strengthen the standardization of credit supervision, focus on the needs of business entities and grassroots units, strengthen the development of standards for credit information, credit evaluation, credit management and credit services, and gradually establish a credit supervision standard system for business entities, give full play to the leading and exemplary role of standards, and empower high-quality economic and social development with credit.
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