Credit reference platform gets nod

PBOC gives green light to personal rating firm for online lending

Baihang Credit Scoring, China's first credit reference firm which provides ratings on individuals borrowing money from online finance companies, is expected to start operations soon, having received the green light from the country's central bank on Thursday.

The People's Bank of China said Baihang, with a registered capital of 1 billion yuan ($150 million), has been granted a three-year license. Zhu Huanqi, former chairman of Huida Asset Management Co Ltd, will be the legal representative of Baihang, which was jointly launched by nine shareholders.