China central bank gives nod to set up credit-scoring JV backed by Ant, state firms

china central bank gives nod to set up credit scoring jv backed by ant state firms

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.

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