Stock Groups

China central bank allows set-up of credit scoring venture backed by Ant, state firms -Breaking

[ad_1]

© Reuters. FILEPHOTO: An Ant Group logo is seen by a man as he walks past it at the World Artificial Intelligence Conference in Shanghai (China), 7/8/2020. REUTERS/Yilei Sun

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%.

($1 = 6.3901 renminbi)

Disclaimer: Fusion MediaWe remind you that this site does not contain accurate or real-time data. CFDs are stocks, indexes or futures. The prices of Forex and CFDs are not supplied by exchanges. They are instead provided by market makers. As such, the prices might not reflect market values 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 MediaFusion Media or any other person involved in the website will not be held responsible for any loss or damage resulting from reliance on this information, including charts, buy/sell signals, and data. You should be aware of all the potential risks and expenses associated with trading in the financial market. It is among the most dangerous investment types.

[ad_2]