Taiwan’s Joint Credit score Data Middle (JCIC) is reportedly planning to supply a database for native Fintech corporations in order that they’ll acquire related info on shoppers’ credit score threat profiles.
Taiwan’s Monetary Supervisory Fee (FSC) made this announcement after Fintech firms held a gathering in June 2020 with FSC Chairperson Thomas Huang. Throughout the discussions, it was reportedly urged that the JCIC ought to make its knowledge accessible to the Fintech corporations, as such a info might assist with creating varied monetary services or products.
As reported by the Taipei Instances, the JCIC gives its knowledge to 426 monetary sector firms together with native banks, securities corporations, credit score cooperatives, insurance coverage suppliers and bank card issuers. JCIC additionally gives knowledge to government-managed companies which incorporates the Central Deposit Insurance coverage Corp and Chunghwa Submit Co., nonetheless, it’s at present excluding the nation’s Fintech business.
After acquiring shoppers’ consent, the company might start offering their lending and reimbursement info to the Fintech corporations. This knowledge may embody how a lot cash the shoppers may have borrowed, the kind of loans they’ve taken out and whether or not they’ve been capable of make repayments on time. This, in response to Phil Tong, the Banking Bureau Chief Secretary, whose feedback got here throughout a current information convention in New Taipei Metropolis.
The brand new database is not going to embody shoppers’ uncooked knowledge and it’ll additionally adhere to non-public knowledge safety guidelines, Tong confirmed. At the moment, the JCIC manages a system to provide banking service suppliers entry to small firms’ credit score rankings with out sharing their precise monetary information, Tong added.
The Fintech corporations will nonetheless be required to acquire shoppers’ approval earlier than they’re allowed to entry their knowledge, and the JCIC may present further standards concerning the businesses’ info safety requirements, Tong famous. The database may go reside in October 2021, Tong revealed. He additionally talked about that the Fintech corporations would use the Nationwide Growth Council’s open knowledge service.