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