Sumary of China Mulls Allowing Ant Group-Linked Company to Do Personal Credit Reporting:
- What’s new: China’s central bank is considering licensing a company partly owned by fintech giant Ant Group Co. Ltd. to engage in personal credit reporting.
- On Friday, the People’s Bank of China (PBOC) said it had received an application from Qiantang Credit to get into the business, according to an official statement (link in Chinese).
- The Zhejiang province-based company’s largest shareholders will be billionaire Jack Ma-owned Ant Group and state-owned Zhejiang Tourism Investment Group Co. Ltd., each with a 35% stake.
- Another local state-owned enterprise, Hangzhou Finance And Investment Group Co. Ltd., will hold a 6.5% stake.
- Qiantang Credit’s registered capital is set at 1 billion yuan ($157 million).