Locally-designed credit and rating system debuts in Shanghai
China’s first globally-oriented credit and rating tool, which utilizes data from more than 300 million organizations and provides English-language support, has made its debut in Shanghai.
The online tool, Qixinbao, which was developed by Shanghai-based CC Intelligence and 3ACredit, targets a credit and rating market valued at more than 10 billion yuan (US$1.49 billion) annually, both sides said.
Qixinbao supports English and Chinese languages searches, and offers credit rating and data services for global firms.
The credit and rating market is not only massive in terms of value, but is also important to China's social and trade development, said Michael Zhen, founder and CEO of CC Intelligence.
CC Intelligence now has 700 million users worldwide, including about 300 million overseas. Its database covers 180 million enterprises and organizations.
This new tool, likened to a Chinese version of credit ratings agency Moody's, is intended to help Chinese firms avoid business risks when expanding overseas, said Chen Xiaodong, chairman and general manager of 3ACredit.
3ACredit has data on 300 million firms globally.
Chinese providers have developed other credit and enterprise database tools, such as Tianyancha, but these lack English-language support and databases covering overseas firms.
Business clients for the new tool include finance firms, lawyers and journalists.
In 2018, CC Intelligence invested some 200 million yuan in research and development, AI technologies and overseas expansion, the company said in a previous interview.