Lates News

The Jiangsu Provincial Department of Finance recently formulated and issued the "Guidelines for Enterprise Data Resource Entry" to provide an operation manual for standardizing the entry of enterprise data resources. Data assets play an important role in solving industry challenges in the financial services sector. The provincial data group, in collaboration with the credit reporting company, has leveraged the provincial public data authorization and operation platform to create a public data product called "SuSheFen," which has been listed on the provincial data exchange and trialed at three financial institutions including the Jiangsu branches of Bank of China, Industrial and Commercial Bank, and Jiangsu Bank. "SuSheFen" converts social security and employment data into "credit scores" to help financial institutions accurately assess the credit status of credit subjects. As of the end of June this year, the three trial institutions have cumulatively issued credit totaling 19.98 billion yuan based on the "SuSheFen" product. This innovative practice breaks the limitations of traditional financial risk control overly relying on collateral and transforms the credit value of public data into inclusive financial momentum, achieving a breakthrough in the transformation of "credit into capital."