The People's Bank of China Fines Pengyuan Credit Information 20 Million Yuan

Unauthorized Personal Credit Information Business... The Largest Fine Imposed on Credit Information Companies
Interpreted as China's Government Strengthening Commitment to Personal Data Protection Law

[Asia Economy Beijing=Special Correspondent Jo Young-shin] The People's Bank of China, the central bank of China, has imposed a fine of 19,795,499 yuan (approximately 3.32128 billion KRW) on Fengyuan Credit Information Co., Ltd., a Chinese credit rating company, according to the state-run Global Times on the 4th.

The Global Times reported that this fine is the largest amount ever imposed on a credit information company.

Established in 2005, the company is a credit rating agency officially approved by the National Development and Reform Commission in 2018.

The Global Times explained that the company's management conducted personal credit rating business without regulatory approval, resulting in a fine close to 20 million yuan.

This fine is seen as a measure reflecting the Chinese government's intention to actively strengthen personal data protection, amid efforts to reinforce the Personal Information Protection Law.

In fact, the Chinese leadership discussed supplementing regulations related to platform companies' monopolies, data collection and management, and consumer rights protection at the Central Economic Work Conference held in December last year.

This content was produced with the assistance of AI translation services.