China central bank allows set-up of credit scoring venture backed by Ant, state firms -Breaking
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BEIJING, (Reuters) – China’s central banking said Friday that it accepted the request to establish a joint credit-scoring venture. Alibaba (NYSE:) Ant Group, a fintech subsidiary of the NYSE and other companies.
If officially approved by regulators, the new company, Qiantang Credit Rating (or Qiantang Credit Rating), will become China’s third-largest personal credit scoring agency.
According to a People’s Bank of China statement, Ant and Zhejiang Tourism Investment Group Co Ltd (state-backed), each would own 35% of this venture. Hangzhou Finance and Investment Group and Zhejiang Electric Port would each hold 6.5%.
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