Regulatory Alerts2024-12-03 | 83508Revised Rules on Specialized Credit Finance Business to Allow Card Companies to Make Use of Business Credit Data
The Financial Services Commission announced that the government approved a revision to the Enforcement Decree of the Specialized Credit Finance Business Act to permit specialized credit finance businesses, such as credit card companies, to concurrently operate business credit bureaus. This amendment removes previous legal restrictions that limited these entities to managing only individual and sole proprietor credit information, thereby allowing them to collect, analyze, and provide credit data for business and corporate entities. The revised decree, effective upon promulgation on December 10, aims to broaden data-driven services and improve business credit rating services to enhance financial access and inclusiveness for small businesses.
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