China Mulls Allowing Ant Group-Linked Company to Do Personal Credit Reporting

china mulls allowing ant group linked company to do personal credit reporting

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).

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