Home Stock Ant Group's micro loan service Huabei begins to share data with China's...

Ant Group’s micro loan service Huabei begins to share data with China’s central bank

- Advertisement -
Stock Markets17 minutes ago (Sep 22, 2021 09:41AM ET)

(C) Reuters. FILE PHOTO: A man walks past an Ant Group logo at the World Artificial Intelligence Conference (WAIC) in Shanghai, China, July 8, 2021. REUTERS/Yilei Sun

SHANGHAI (Reuters) – China’s Ant Group has begun to send its consumer credit data to a database run by China’s central bank, a key move for both the company and regulators as Beijing tightens its grip over the financial technology sector.

Ant’s virtual credit card service Huabei said in a post on its official Twitter-like Weibo (NASDAQ:WB) account on Wednesday that it was being integrated into China’s central bank credit reporting system.

Ant, the financial affiliate of e-commerce giant Alibaba (NYSE:BABA) Group, saw its $37 billion IPO derailed by regulators last year and has since been undergoing a Beijing-led restructuring to turn itself into a financial holding firm and curtail some of its freewheeling businesses.

China’s large internet platforms have for years tended to resist sharing their data, a crucial asset that helps them run operations, manage risk and attract new customers.

Huabei said in its statement that after obtaining users’ prior authorization, it will report information such as the date their account was set up, credit lines and usage to the system. Users’ personal consumption details will not be shared, it added.

Huabei and another Ant credit subsidiary, short-term consumer loan provider Jiebei, were used by around 500 million people in the 12 months to June 30, 2020, Ant said in its IPO prospectus.

Ant Group’s micro loan service Huabei begins to share data with China’s central bank

Disclaimer: Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore Fusion Media doesn`t bear any responsibility for any trading losses you might incur as a result of using this data.

Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.

- Advertisement -
- Advertisement -
Stay Connected
Must Read
- Advertisement -
Related News
- Advertisement -


Please enter your comment!
Please enter your name here