GUANGZHOU, China — Ant Group will share credit data from its consumer lending business with China’s central bank as part of an overhaul of the fintech giant.

Ant Group’s consumer loan product Huabei is Huabei. Ant stated Wednesday in a statement that the data from this lending product will be added to the People’s Bank of China’s (PBOC) financial credit information database.

The central bank will receive information such as the date and amount of the account, status of repayment, and the total credit limit. This information will require authorization from the users. The PBOC will not receive any specific information, such as the time and goods purchased.

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

Ant Group’s lending company used a matching model that matched borrowers with lenders (such as banks), but it did not guarantee the loans. Banks borne the majority of risk.

Regulators were concerned that Ant was acting as a financial institution, but they weren’t being regulated.

Chinese regulators required Ant Group to be restructured. In June, the company was given the green light to operate a consumer finance business with outside shareholders. Chongqing Ant Consumer Finance Co. houses Huabei Loan Products and Jiebei Loan Products. Ant will need to underwrite more loans.

Ant Group, which is currently undergoing a transformation into a financial holding business will be monitored by the PBOC as well as other regulators.

The data-sharing requirements with the PBOC brings Ant Group in line with other financial institutions in the lending space which are required to do the same thing.

Ant Group claimed that users are already able to access Huabei-related data in credit reports they have with the central bank.

This is to alleviate any fears that users could lose their ability to borrow money in the future by sharing their credit records from Huabei.

Ant Group stated in a statement that a comprehensive credit record will allow financial institutions to understand creditworthiness better and better serve users.

The use of financial services like loan applications, will not be affected, provided that Huabei is used as usual and payments are made on time.

Bernstein’s managing director Kevin Kwek said that the central bank has a credit-data sharing agreement. This will remove “significant” regulatory uncertainties surrounding Ant Group.

Kwek stated to CNBC, “Sharing data is a way for Ant Group to lose their edge but it allows them the regulatory blessings they need, like getting the consumer financing license.”

According to me, it means Ant can continue to do business under regulation and rules. This is also good news for the wider consumer credit bureau agenda. Ant will still be a dominant distributor due to its large user base. It may have to now share some data, but it is not important.