China is now the country with the strictest data security law. Besides Cybersecurity Law, Data Security Law, and Measures for the Administration of Foreign-related Investigation that already in place, now these new proposed regulations aim directly to our industry. It impacts negatively on those companies in the streets who collecting and trading data recklessly. However, it could be a blessing in disguise for those companies who providing value-added opinions versus those providers just selling raw data. 
 
Interpreting all the recent legal changes positively, tighter regulations would sort out the market order and open up more business opportunities. 
POBC (Bank of China) license becomes even more critical and is a must in order to be Info Provider (IP). 
Quality data becomes more valuable. 
Regulatory expertise is a must in order to meet all the compliance requirements. 
To meet the changes, 3ACredit immediately took action: 
We formed a special task force led by our CCO to study and follow up on all compliance issues. 
We upgraded our cybersecurity multi-level protection scheme (MLPS) from level 2 to Level 3. 
We are certified as ISO 27000 series. 
We developed a new working standard and procedure in order to obtain consents from subject companies on all the inquiries for Chinese credit reports. We setup our call center in Kunshan beginning this procedure on 01/01/2021. 
We also upgraded our report format and contents to desensitize certain non-public information. 
We also developed new products that focus more on providing value-added conclusions and opinions rather than trading raw data. 
3ACredit (a.k.a. Creditreform China) has been working with our international partners and clients very closely and diligently. We will do our best to continue supporting the Creditreform organisation with credit reports and data updates via the common interfacing. Every inquiry 3ACredit received will go through our AV (Authentication & Verification) process in order to obtain the consent from the subject company of the credit report. If the consent from the subject is obtained, full financials will be included in our report. 
 
Otherwise, financial highlights, estimations and analysis will still be supplied in our report for your customer's credit analysis and decision. 
 
 
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