Fintech giant Ant making progress with its overhaul to address the regulators and Central Bank's concern to link loan data among different online lending platforms to enable better controls in credit information sharing to prevent over-borrowing and fraud.

Ant Group has applied to China's Central Bank to set up Personal-Credit Scoring Joint Venture Qiantang Credit Rating with State-backed Partners.

China's Central Bank has received the application for a personal-credit scoring venture between Ant Group, state-backed Zhejiang Tourism Investment Group and four other investors. Qiantang Credit Rating will have a capital of one billion yuan (US$157 million). It will be 35 per cent each owned by a unit of Ant Group and Zhejiang Tourism, according to a notice published by the People's Bank of China (PBOC) on its website.

The rest will be held by Zhejiang-based conglomerate Transfar Group, state-owned Hangzhou Financial Investment Group, trade information portal operator Zhejiang Electronic Port and Hangzhou Xishu.

https://financialpost.com/pmn/business-pmn/china-c-bank-gives-go-ahead-to-credit-scoring-venture-backed-by-ant-state-firms

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