China’s Ant Group to Share Consumer Credit Data with Government
Data generated by Ant Group’s popular consumer lending service, Huabei, will be integrated into the government’s credit-reporting system, the Wall Street Journal reported. The move is being made to put the payments tech giant in line with government regulators’ priorities.
DCA Insight:
Huabei users are being asked permission to share information with the People’s Bank of China. Those who opt out won’t be able to use its service, a virtual credit card. What’s driving the increased government involvement? Concern about market dominance, lack of regulatory oversight, and consumer privacy, in China and around the world.