Ant Group To Share consumer Credit data With China’s Central Bank – CNBC

GUANGZHOU, China — Ant Group will share credit score information from its shopper lending enterprise with China's central financial institution as a part of an overhaul of the fintech big.

Huabei is a shopper mortgage product below Ant Group. Knowledge from that lending product will likely be fed into the monetary credit score info database held by the Folks's Financial institution of China (PBOC), Ant mentioned in an announcement Wednesday.

Info together with date of account arrange, quantity within the credit score line and standing of reimbursement will likely be offered to the central financial institution. Customers might want to authorize this. Particular info corresponding to particulars about time of purchases or items being purchased is not going to be handed over to the PBOC.

Ant Group, which is managed by billionaire Alibaba founder Jack Ma, had its blockbuster initial public offering suspended in November over regulatory considerations.

Ant's lending enterprise labored on a mannequin through which it matched up debtors to lenders, corresponding to banks, however the firm didn't underwrite these loans. As an alternative, banks bore many of the threat.

This apprehensive regulators who believed firms like Ant had been performing like monetary establishments however not being regulated like them.

Chinese language regulators ordered a restructuring of Ant Group. In June, the corporate was given the green light to operate a consumer finance business with exterior shareholders. This enterprise homes its Huabei and Jiebei mortgage merchandise and is named Chongqing Ant Shopper Finance Co.

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