Dun & Bradstreet Launches Greater Bay Area China Business Credit Reports Solution
Making reliable and compliant data easily accessible to facilitate cross-boundary credit and lending activities in the Guangdong-Hong Kong-Macao Greater Bay Area ("GBA").
HONG KONG, July 5, 2024 /PRNewswire/ -- Dun & Bradstreet, a leading global provider of business decisioning data and analytics, announced today the launch of its China Business Credit Reports solution for China's Greater Bay Area. It aims to improve the coverage, quality and consistency of financial information available to banks and other financial institutions on Chinese Mainland companies seeking finance in the region, leading to greater availability of credit.
The Greater Bay Area is one of China's most dynamic and economically vibrant regions, playing a critical role in driving high-quality growth. It is a crucial connectivity, trade and communication link both between the Chinese Mainland, Hong Kong SAR and Macao SAR, and onwards into the international markets under the 'Belt and Road' Initiative. Cross-boundary financing has emerged as a vital component of the GBA's strategic agenda and recent measures facilitating cross-boundary data transfers in the Greater Bay Area support the sharing of financial information with appropriate safeguards.
Introducing the China Business Credit Reports
Dun & Bradstreet's China Business Credit Reports contain rich data and insights about a Chinese Mainland business applying for finance in the Greater Bay Area. This reduces information gaps and asymmetries faced by potential lenders in the region, helping them to make credit decisions and appropriately price risk when offering facilities. As this supports their willingness to offer financing, it can improve the availability of credit for Chinese Mainland businesses.
The China Business Credit Reports provide a detailed, multi-faceted view of Chinese Mainland companies seeking financing in the Greater Bay Area, empowering lenders to make informed decisions with a comprehensive understanding of their financial situation. All Dun & Bradstreet data and insight is quality assured via a patented process, where data is collected, aggregated, verified and enhanced from thousands of sources to enable decisions to be made with confidence.
This solution comes at a crucial time, coinciding with the recent announcement by the Hong Kong Monetary Authority and The People's Bank of China on promoting the collaboration on cross-boundary credit referencing to facilitate corporates' cross-boundary financing activities. Additionally, it aligns with the recent facilitation measure under the Memorandum of Understanding on Facilitating Cross-boundary Flow of Personal Information Within the Guangdong-Hong Kong-Macao Greater Bay Area (Mainland, Hong Kong), which aims to streamline compliance arrangements for the transfer of personal information within cities of the Greater Bay Area.
By improving the availability of credit data available to Hong Kong financial institutions, Dun & Bradstreet hopes to increase competition in the market and reduce barriers to accessing financing, particularly for smaller and newer businesses operating in the region that may struggle to access credit as a result.
Dun & Bradstreet has an unparalleled breadth and depth of business information, offering the largest set of business decisioning data and analytical insights, covering hundreds of millions of businesses globally. Financial institutions in the Chinese Mainland leverage this for making credit-decisions on Hong Kong and overseas businesses.
Commitment to Empowering Business Connectivity in the Greater Bay Area
"Dun & Bradstreet is proud to be part of this milestone as the Greater Bay Area becomes ever more interconnected," said Andrew Wu, General Manager of Dun & Bradstreet China. "As credit reference agencies with a full commitment and significant operations in both the Chinese Mainland and Hong Kong SAR, we are well positioned to provide cross-boundary solutions that empower businesses operating in the Greater Bay Area to effectively access the credit and financing they require. As a strong proponent of its development, Dun & Bradstreet hopes that this initiative will stimulate business activity and make a positive contribution to its economic growth."
Dun & Bradstreet's Expertise
With nearly two centuries of experience, Dun & Bradstreet has been at the forefront of providing essential business insights to companies worldwide. Dun & Bradstreet's Data Cloud fuels solutions and delivers insights that empower customers to accelerate revenue, lower cost, mitigate risk, and transform their businesses.
Dun & Bradstreet entered the Hong Kong SAR and Chinese Mainland markets in 1981 and 1994 respectively. It currently operates offices in Shanghai, Beijing, Shenzhen, Changsha, Haikou and Hong Kong SAR. Since 2004, Dun & Bradstreet has been appointed by the Hong Kong Association of Banks and the Hong Kong Association of Restricted License Banks and Deposit Taking Companies to operate as a commercial credit reference agency in Hong Kong SAR. Since 2017, it has also operated as the first licensed foreign-invested commercial credit reference agency in the Chinese Mainland. As a result, Dun & Bradstreet is uniquely positioned to assist financial institutions in making informed, data-driven credit and lending decisions, leveraging its deep data coverage in the Greater Bay Area and beyond.
For more information on how the China Business Credit Reports solution can benefit your business, please speak to your Dun & Bradstreet account manager, or visit our website at https://www.dnb.com.hk/.
About Dun & Bradstreet
Dun & Bradstreet, a leading global provider of business decisioning data and analytics, enables companies around the world to improve their business performance. Dun & Bradstreet's Data Cloud fuels solutions and delivers insights that empower customers to accelerate revenue, lower cost, mitigate risk, and transform their businesses. Since 1841, companies of every size have relied on Dun & Bradstreet to help them manage risk and reveal opportunity. We combine global data with local insights to help our clients to make smarter decisions. For more information on Dun & Bradstreet, please visit www.dnb.com.hk.
SOURCE Dun & Bradstreet Hong Kong
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