Credit? They've got your number

A broad-based, market-oriented personal credit database is being developed in China with the participation of institutions outside the traditional banking sector, the central bank said on Monday.

The People's Bank of China said in a statement that it has told eight non-bank institutions that they should be ready to conduct personal credit information operations within six months. The companies include subsidiaries of Internet giants Alibaba Group Holding Ltd and Tencent Holdings Ltd.

Financial researchers said the effort will promote the development of credit information and lay a stronger foundation for personal financial transactions.