Stock Groups

Ant Group’s micro loan service Huabei begins to share data with China’s central bank By Reuters


© Reuters. FILE PHOTO A man passes by an Ant Group logo during the World Artificial Intelligence Conference, Shanghai (China), July 8th 2021. REUTERS/Yilei Sun

SHANGHAI (Reuters) – China’s Ant Group has begun to send its consumer credit data to a database run by China’s central bank, a key move for both the company and regulators as Beijing tightens its grip over the financial technology sector.

Ant’s virtual credit cards service Huabei posted on Wednesday on Weibo (NASDAQ) that it had been integrated into China’s credit reporting system.

Ant, the financial affiliate of e-commerce giant Alibaba (NYSE:) Group, saw its $37 billion IPO derailed by regulators last year and has since been undergoing a Beijing-led restructuring to turn itself into a financial holding firm and curtail some of its freewheeling businesses.

China’s internet giants have long resisted sharing data. This is a critical asset which helps to manage risks, attract customers, and run their operations.

Huabei claimed in a statement it will share information like the date the account was created, the credit lines used, and the usage of the system, after users have given their prior permission. The statement stated that personal consumption data of users will not shared.

Ant stated in its IPO prospectus that Huabei was used by about 500 million people during the twelve months ending June 30, 2020. Jiebei is a short-term credit provider Jiebei.

Disclaimer: Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. CFDs are stocks, indexes or futures. The prices of Forex and CFDs are not supplied by exchanges. Instead, they are determined by marketmakers. As such, the prices might not reflect market conditions and could be incorrect. Fusion Media does not accept any liability for trade losses that you may incur due to the use of these data.

Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Trading the financial markets is one of most risky investment options. Please make sure you are fully aware about the costs and risks involved.