China c.bank research paper suggests regulators require big techs to report credit data
BEIJING, Feb 5 (Reuters) - A policy research paper published by China's central bank on Friday suggested authorities should require internet platforms to fully report credit data to the country's databases in a move to break up their monopolistic status.
The paper, authored by a research group of the financial consumer protection bureau of the People's Bank of China (PBOC), suggested the regulators require all lending institutions to report borrowing and lending data to the country's financial credit information databases.
It emphasized a focus on big internet platforms which use consumer financial information in offering user profiling and risk control services to financial institutions. It suggested an "integration" of the data monopolized by big tech firms into a regulatory framework so that data can be legally shared with other institutions.
The paper, published on PBOC's official Wechat account, also suggested including data from large internet platforms into macro prudential management.
(Reporting by Zhang Yan, Cheng Leng, and Ryan Woo; Editing by Toby Chopra)