Alibaba-Backed Ant Starts Sharing Consumer Finance Information With China's Government: WSJ
- Alibaba Group Holding Ltd (NYSE: BABA) backed Ant Group Co "is advancing with its orderly inclusion into the financial credit information database held by the Credit Reference Center of the People's Bank of China," the Wall Street Journal reports.
- Ant's Huabei service will ask its users to authorize sharing of credit information with the PBOC system. Those who opt-out will not be able to avail of Huabei's service.
- Huabei will report account setup dates, credit line amounts, and repayment status to the central bank's database every month.
- Huabei will not share specific transaction information, including what people purchased and when.
- Chinese regulators recently asked Ant Group to split Alipay and create a separate app for its loans business. It also ordered Ant to feed user data underpinning its lending decisions to a new credit scoring joint-venture that would be partly state-owned.
- Price Action: BABA shares traded higher by 1.12% at $151.89 on the last check Wednesday.
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