Salem Radio Network News Tuesday, January 25, 2022

Business

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

BEIJING (Reuters) – China’s central bank said on Friday it had accepted the application to set up a personal credit-scoring joint venture backed by Alibaba’s fintech affiliate Ant Group and other firms.

The new venture, named as Qiantang Credit Rating, will become the third personal credit scoring firm in China if officially approved by regulators.

Ant and the state-backed Zhejiang Tourism Investment Group Co Ltd would each own 35% of the venture, according a statement by the People’s Bank of China (PBOC). Other state-backed partners, including Hangzhou Finance and Investment Group and Zhejiang Electronic Port, would hold 6.5% each.

($1 = 6.3901 Chinese yuan renminbi)

(Reporting by Cheng Leng and Ryan Woo; Editing by Edmund Blair)

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