Attending the seminar, on the side of the Vietnam National Credit Information Center (CIC) were Mr. Le Anh Tuan - Deputy General Director of CIC chairing the working session, along with representatives of the Credit Department - State Bank of Vietnam and representatives of specialized departments and divisions of CIC. On the side of the Credit Information Center under the People's Bank of China (CCRC) were Mr. Liansan Li - Deputy General Director and the participation of key officials.
Solving the data problem for MSME business groups
The focus of the working session revolved around lessons learned from CCRC in the process of building and operating the National Micro, Small and Medium Enterprise Cash-flow Credit Information Interchange Platform (CFCII).
Representatives of CCRC emphasized that this is a platform specially designed to solve the "thirst" for capital and credit data shortage of MSMEs. In fact, this group of customers often faces difficulties in accessing loans because they have not formed a long history of traditional credit.
However, all operating businesses generate cash flow data through payment accounts at banks. Identifying this value, the State Council of China has issued many policy documents to promote credit information sharing, encourage the use of cash flow data in appraisal, towards the goal of comprehensive finance for MSMEs.
At the working session, CCRC presented details about the goals, technical architecture design and operating model of CFCII. Highlights of this platform include:
• Playing the role of a connection center: CCRC operates as a "transit station", connecting data between credit institutions through a standardized application programming interface (API).
• Promoting business data control: Based on the spirit of the Open Banking model, CFCII's mechanism empowers businesses to autonomously decide on the scope, content and entities allowed to access their cash flow data.
• Data product diversification: The platform provides diverse analysis reports from cash flow information to lending institutions, helping to optimize credit risk management and enhance business access to capital.
Foundation for sustainable cooperation
The CFCII model received special attention from CIC. CIC representatives expressed their desire to continue researching and learning from the CCRC's experience to assess the feasibility of applying a similar model in Vietnam.
This step is expected to contribute to completing the national credit data infrastructure, creating leverage to support cash flow-based credit activities, and unlocking capital sources for domestic MSME enterprises.
Also within the framework of the working session, CIC shared an overview of the credit information market in Vietnam, affirming CIC's pillar role in the national financial system.
At the same time, practical experiences in building and developing credit scoring models at CIC were also introduced and received attention and high appreciation from Chinese partners.
Concluding the seminar, leaders of the two sides noted that this is a practical and effective professional exchange activity, helping to strengthen mutual understanding. CIC and CCRC both expressed their expectation that this event will create a solid premise for expanding cooperation activities in the future.
Not only stopping at the CFCII platform, the two agencies aim to share in-depth knowledge in many aspects of the credit information sector, building a sustainable and mutually beneficial partnership.
