The Shenzhen fintech regulatory sandbox has just completed testing of one of the innovation projects launched under its auspices last year.
Shenzhen’s fintech innovation regulatory work team recently announced the successful completion of testing of the “Baihang Credit Credit Inclusion Service” (百行征信信用普惠服务).
The project was jointly developed by the Futian district of Shenzhen with Baihang Credit, a national credit agency backed by the Chinese central bank.
The Service was deployed as part of the government services credit approval system of Futian district, and makes use of technologies including machine learning and big data to embed credit information into government services application procedures.
Wang Zhicheng (王志诚), an academic from the finance faculty of the Guanghua School of Management, Peking University, said that the innovation would “deeply embed credit concepts into daily processing scenarios, and effectively drive the development of the social credit system.”
Shenzhen has thus far approved a total of eight innovation applications as part of its fintech regulatory sandbox since the launch of the initiative in July 2020.
The Baihang Credit Credit Inclusion Service is reportedly the first for which testing has been completed, following official launch of the pilot phase in November last year.