China’s central bank is reining in efforts by Tencent and Alibaba to create controversial “social credit” scores from data on citizens’ purchases and social behaviour.
The companies have been working on pilot programmes to give consumers credit scores based in part on their online activities. Their aim is to fill a gap in China’s financial system, which lacks institutional records of individuals’ creditworthiness. But the methods have raised concerns that Big Brother is intruding in private lives.
The pilot has turned into a tug of war with the central bank, which is developing its own scoring system, amid worries that the technology-to-finance conglomerates could use the lure of better scores to sell their financial products.
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