According to Premier Wen Jiabao, a social credit system shall start from building a credit registry; a nationwide corporate and personal credit information data base should be established quickly to form a credit information network that covers the whole country; credit legislations should be made available to promote credit registry’s growth; specialized credit institutions should be fostered and the credit registry market opened up gradually and in a focused manner; a penal mechanism should be gradually established; credit registry institutions should be regulated and market supervision should be enhanced.
Further, we hope that the industry can already take advantage of recent rules allowing banks to use third party cash agents as a cost-efficient service delivery channel. Also, the BSP has reduced the Know-Your-Customer rules for certain low-risk accounts, including the use of technology to facilitate frictionless customer on-boarding.