Beijing Business News, 1/30/18
Chinese internet conglomerate Tencent (0700.HK) has launched nationwide public beta testing of a credit rating system. Consumers can access the platform by searching for "Tencent Credit" within the company's flagship mobile messaging app WeChat, and check their credit score after confirming their identity and linking a mobile number.
Tencent began public testing of a WeChat-channel-based credit score system in August 2017 with an invitation to QQ Super VIP members. On December 18, Tencent launched an application for the credit score in Shenzhen and Guangzhou with a deposit-free apartment rental service for users with scores of 650 or higher.
Tencent Credit is based on internet historical data gathered through WeChat and instant messaging service QQ in five dimensions: honoring commitments, security, wealth, consumption, and social networking. Leveraging big data and proprietary technology, the system generates a comprehensive score ranging from 300 to 850 points.
The Tencent Credit score allows users to enjoy special privileges, such as cash loans (up to RMB 300,000), consumer credit, installment payment shopping, and deposit free rentals of bicycles, toys, and apartments.
Rival internet conglomerate Alibaba Group's (NYSE: BABA) financial services affiliate Ant Financial launched its personal credit rating service Sesame Credit in 2015.
Editor's Note: For more information on this topic, please see Tencent Tests Consumer Credit Scoring System, MD 8/08/17 issue.