3Golden views big data as an asset, pivotal industry trend

Credit assessment company sees a bright future with new technology, Tang Zhihao reports.

An innovative credit assessment provider in Zhangjiang National Innovation Demonstration Zone in Shanghai, 3Golden Beijing Technologies Co Ltd is promoting the concept of data assets in supporting industrial growth in China.

Fan Xiaoxin, chairman and president of 3Golden, said that considering business-related data as companies' assets will become a trend in China, because data is playing a more significant role in the rapidly growing economy.

Fan called for related parties to develop proper valuation methods and set standard processes to better deal with the trend.

"The process will take a long time, but it will be worthwhile," Fan said.

3Golden has long been committed to providing diversified credit information services to clients in China by using big data technologies. The company hopes its innovations can help small and medium-sized enterprises to get their bank loans according to credit scores rather than physical asset value. The changes could help asset-light businesses obtain loans much more easily.

The company also hopes to promote China's financial innovation and support social management.

Established in 2007, the company has developed the first big-data-based credit assessment system in China. It consists of cloud data mining, cloud credit computing and cloud structure services. These cutting-edge technologies can automatically collect, analyze, assess and monitor a company's credit, with less dependence on traditional accounting data.

This helps credit assessment providers to maintain a high-level of objectivity, intelligence and efficiency in information collection, analysis and assessment. It also makes information collection, verification, evaluation and tracking much simpler.

In the past nine years, 3Golden has established partnerships with leading financial institutions, such as China Minsheng Bank Corp Ltd and China Development Bank Corp, to provide over 6 billion yuan ($880 million) in bank loans to more than 1,000 micro, small and medium-sized enterprises, based on their credit scores. The nonperforming loan occurrence rate is zero.

3Golden strives to help financial institutions enhance their risk management ability. It has provided post-loan risk management services for a large number of financial institutions.

The company said it monitors the status of over 60 billion yuan of loans on a realtime basis.

It has developed various bigdata-based risk monitoring models to help financial regulators better manage financial institutions. The company plays a crucial role in maintaining financial market stability in China.

3Golden's big-data-based credit assessment services have also attracted significant attention from local governments. The company has joined hands with more than 10 local governments, including Shanghai and Beijing municipalities and Zhejiang province, to assess businesses' development situations, helping nearly 10,000 companies raise funds. The company has launched subsidiaries and joint ventures in cities such as Shanghai and Nanjing in Jiangsu province aimed at better serving clients' needs.

It has strong research and development capacity, which ensures the company can provide the right solutions for its clients. Core members in its R&D team have over 10 years' experience in different industries, including manufacturing, finance and information technology.

Chairman and President Fan said China's data industry has unique advantages compared to its global competitors.

There is a large amount of quality manufacturing data, trading data and tax-related data in the country, which will support its data industry development.

"We hope we can make good use of data so that China can take a leading position in the big data industry in the world," Fan said.

Contact the writer at tangzhihao@chinadaily.com.cn