Commerce's biggest threshold China is venturing on a new platform of getting credits by recognizing the importance of credit scores.

According to Fortune, ZestFinance and JD.Com has partnered in order to bring credit scores to China, where economic stability is thriving. The U.S.-based company ZestFinance specializes in providing accurate credit scores that will help lenders determine businesses with high credit scores and those that are qualified for a loan. The Credit Score service will also serve as a protection to lenders and a good way for businesses to keep their credits clean and updated for future reference.

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The partnership between JD.Com and ZestFinance has an undisclosed amount of venture; however, its past funding is said to have reached $100 million. Douglas Merrill of ZestFinace is said to be the creator of this new endeavor that allows credit evaluation to a faster pace. In a statement, Merrill also said, "china provides a huge opportunity to ZestFinance because there is no centralized credit bureau like in the United States. China needs a way to provide credit in a world where there is no credit score."

JD.Com, on the other hand, is responsible in providing the primary platform for the stake and allows its consumers to buy from their website using a credit line. The two companies will then determine the buyers history and present transactions to determine whether they are at risk for credit or not.

Although JD is ZestFinance's first customer, Merill believes that other lenders and businesses in the e-commerce world will follow suit.

It can be noted that Ant Financial, under Alipay, recently opened its online bank called MyBank and has also relied on monitoring their client's payment history in determining their credit score. MyBank's series of credit score checking will enable a small business in China to get a loan of not more than $5 million Yuan or approximately ($800,000). In a report by the Wall Street Journal, although said to have been stepped in the online banking, MyBank is still having a hard time implementing and expanding because of China's banking restrictions.

In another statement, Merill also discloses their plans to adapt a credit risk among businesses.

Tagszestfinance, credit scores, china credit check, china credit scores, finance, JD.com