The Joint Credit Information Center (JCIC, 金融聯合徵信中心) is to establish a database for local financial technology firms to obtain information on consumers’ credit risk, the Financial Supervisory Commission (FSC) said on Thursday last week.
The announcement came after fintech firms at a meeting in June with FSC Chairman Thomas Huang (黃天牧) urged the JCIC to make its data available to the companies, as such information would be crucial to developing new financial products or services.
Currently, the JCIC provides its raw data to 426 financial sector firms such as banks, securities firms, credit cooperatives, insurance companies and credit card issuers, as well as government-run agencies such as Central Deposit Insurance Corp (中央存保) and Chunghwa Post Co (中華郵政), but excludes the fintech sector, the JCIC Web site showed.
With consumers’ approval, the agency would provide their lending and repayment data to the companies, including how much money they have borrowed, what kind of loans they have taken and whether they have repaid on time, Banking Bureau Chief Secretary Phil Tong (童政彰) told a news conference in New Taipei City.
The new database would not include consumers’ raw data and would abide by personal data protection regulations, Tong said.
The JCIC already operates a system to give banks access to small firms’ credit ratings without revealing their financial records, he said.
The fintech companies would still need to seek consumers’ permission before gaining access to their data, and the JCIC might define some further criteria concerning the firms’ information security standards, Tong said.
The database would be launched in October next year, he said, adding that fintech companies could also use the National Development Council’s open data service.
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