China has been on a long path to power in recent years. Their huge hardworking population has established itself as one of the world’s leaders. Recent reports indicate that they wish to impose a social credit system on it’s people. According to this system, each citizen will have a score. Factors such as good conduct, cyber activities and careers will all be weighed in.
Over the years, platforms that offer loans have emerged. Be it in form of an app, website or physical offices, that side of business is booming. Banks also profit a lot from the loans they offer. The sad part is if you do not pay back in the stipulated time, the consequences are dire. We have all heard of people having to give up valuable property in place of the loans that couldn’t be paid. However, one can never be sure if the loaned individual is going to pay on time. The search for the perfect way to get people to pay loans is still on-going. Although China looks to have found a somewhat, workable work-around using this new system.
According to a report from China Daily, North China will be lead in testing out this new technology. Hebei province to the North of China is looking to implement the system on a small scale. Probably for data collection to see if the solution is workable. The application aims to shame people into paying their debts. Once the app is installed on a device, it shows the debtors around the current user’s location. All the data is based on WeChat, a messaging application quite common in China.
Personally, I can’t imagine walking into a cafeteria in China with a students’ loan debt. First, personal details such as date of birth and national ID numbers will be a matter of public knowledge. Second, I strongly believe that a man’s financial status should remain his own.