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GUANGZHOU, China — Ant Group will share credit data from its consumer lending business with China's central bank as part of an overhaul of the fintech giant.
Huabei is a consumer loan product under Ant Group. Data from that lending product will be fed into the financial credit information database held by the People's Bank of China (PBOC), Ant said in a statement Wednesday.
Information including date of account set up, amount in the credit line and status of repayment will be provided to the central bank. Users will need to authorize this. Specific information such as details about time of purchases or goods being bought will not be handed over to the PBOC.
Ant Group, which is controlled by billionaire Alibaba founder Jack Ma, had its blockbuster initial public offering suspended in November over regulatory concerns.