Wolters Kluwer Financial Services says it has launched what it dubs an Enterprise Credit Solution for China. This enables financial institutions operating in the Middle Kingdom to comply with the official China Enterprise Credit System (ECS) reporting standards set by the People’s Bank of China (PBoC).
“Enterprise information obtained through ECS can help reduce information asymmetry between the bank and enterprise as much as possible and assist banks in their credit risk assessment so as to improve their risk management systems,” notes Ethan Feng, China Banking Regulatory Intelligence expert at Wolters Kluwer Financial Services.
Wolters Kluwer Financial Services says it developed the software to support the new reporting requirements announced during last year’s PBOC credit reporting conference. Following that conference, banks were required to develop basic rules for cross-market rating regulation, improve platform functions and expand the application of the credit reporting system.