Qianhai makes effort to establish cross-border credit standard system

Source :Shenzhen Daily

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The Corporate Credit Report Format Specification Based on Cross-border Activities, the first of its kind in China, was officially released at a conference held in Qianhai recently. It is the Qianhai authority’s effort to establish a cross-border credit standard system.

The specification features 12 drafting units, including five overseas credit agencies such as Nova Credit, CRIF, PT Clik, CRIF D&B Vietnam and CRIF D-B, as well as seven domestic credit agencies such as Shenzhen Credit Promotion Association, Kingdee Credit, Shenzhen Credit and Vzoom Creditech, among others.

The specification has set up the basic rules and corresponding relationships of corporate credit reports through summarizing and sorting out the common corporate credit report paradigm in the countries and regions where the drafting units are located, which will serve as the mutual recognition basis for corporate credit reports in different countries and regions.

As Shenzhen-Hong Kong cooperation continues to deepen and the integrated Guangdong-Hong Kong-Macao Greater Bay Area (GBA) development continues to accelerate, cross-border investing, financing and trade are also developing fast. Financial institutions, commercial enterprises and related parties’ demand for cross-border credit services is increasing in order to reduce information imbalance and communication costs.

The construction of a cross-border credit standard system will help solve the problem of mutual recognition of cross-border credit products due to inconsistent standards of cross-border credit caused by different institutional mechanisms, legal systems and market segmentation.


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2021-12-13 17:05:24

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