Sumary of China central bank gives nod to set up credit-scoring JV backed by Ant, state firms:
- BEIJING :China’s central bank said on Friday it had accepted the application to set up a personal credit-scoring joint venture backed by Alibaba’s fintech affiliate Ant Group and other firms.
- The new venture, Qiantang Credit Rating Co Ltd, will become the third personal credit scoring firm in China if officially approved by regulators.
- Ant and the state-backed Zhejiang Tourism Investment Group Co Ltd would each own 35per cent of the venture, according to a statement by the People’s Bank of China (PBOC).
- Other state-backed partners, including Hangzhou Finance and Investment Group and Zhejiang Electronic Port, would hold 6.5per cent each.
- Transfar Group, a non-state-backed shareholder, would hold 7per cent.
- The set-up of the venture, in which Chinese state firms will take big stakes https://www.