FOTIC to share credit information with SIC

Chen Hongwan, director of the Department of Fiscal and Financial Affairs, National Development and Reform Commission (NDRC), led the staff of the State Information Center (SIC) to China Foreign Economy and Trade Trust Co., Ltd. (FOTIC) on January 16 for conducting a survey on the development and application of FOTIC’s credit reference database. Yang Lin, chief accountant of Sinochem Group and chairman of FOTIC, participated in the survey. At the occasion, FOTIC and SIC signed Memorandum of Understanding on Credit Information Sharing in the presence of leaders of both sides.

Moreover, the two sides discussed the development of a credit system, information sharing mechanism, big data application for credit reference, and other issues. Under the MoU, SIC will share public credit information with FOTIC from its National Credit Information Sharing Platform. The information will be shared for query and retrieval, data service interface, and data file download. At the same time, FOTIC will share its credit information with creditchina.gov.cn. This marks another step by FOTIC towards perfecting its credit reference system and improving its risk control capacity. It shows that FOTIC is actively undertaking its social responsibility and promoting the development of China’s credit system in an applied manner.

Established by SIC and operated by NDRC, the National Credit Information Sharing Platform was launched in October 2015. The platform has collected more than 13 billion entries, connected 44 central ministries and commissions, covered 32 provincial administrative regions and tens of market agencies, and become a trans-departmental and trans-regional credit information-sharing hub. It is noteworthy that FOTIC is one of the first trust companies in China, besides being the first such company connected to the credit reference system of the People’s Bank of China. Over the years, FOTIC has submitted more than 10 million personal credit entries to make positive contributions to the perfection of the financial credit system.