Critics Charge Banks Are Already Establishing Personal Social Credit Systems

Major global banks, such as Barclays and JPMorgan Chase, are facing accusations of closing customer accounts due to political or religious affiliations, raising concerns about possible banking discrimination. Instances have occurred where customer accounts are being screened and rejected based on ‘reputational risks’, including political leanings and involvement in certain industries. Critics, including stakeholders and state officials, are arguing against the alleged politicization of banking practices and have raised concerns that this could evolve into a more comprehensive social credit system.