The National Internet Finance Association of China, a national self-regulatory organization, and eight third-party credit service agencies will jointly launch a personal credit information platform for the online lending industry, the China Daily reported.
The 1-billion-yuan platform will primarily serve online personal lending institutions, traditional commercial banks, regulators and third-party credit service agencies. NIFA will hold a 36% stake in the platform and will invest up to 360 million yuan over the next five years.
The eight third-party credit service agencies include Tencent Credit Services and Pengyuan Credit Service Co. Ltd., according to the report.
The move came after NIFA warned "unqualified institutions" to stop lending as the country steps up a crackdown on the micro-loan sector to curb financial risks, Reuters reported.
As of Nov. 27, US$1 was equivalent to 6.60 Chinese yuan.
