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Breakingviews - China creates a bigger consumer credit mess

Beijing urgently needs a system to measure individual default risk. Given thin credit histories at banks, it wants financial technology giants to hand over valuable data troves to state-run firms in exchange for minority stakes. Ant and peers have reason to resist. ....

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In Latest "Excess Borrowing" Crackdown, China Will Force Fintech Giants To Disclose Consumer Credit Data

In Latest "Excess Borrowing" Crackdown, China Will Force Fintech Giants To Disclose Consumer Credit Data
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China may push tech giants Ant, Tencent, others to share consumer credit data

China may push tech giants Ant, Tencent, others to share consumer credit data
FILE PHOTO: People visit Tencent s booth at the World 5G Exhibition in Beijing, China, Nov. 22, 2019. REUTERS/Jason Lee/File Photo
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China plans to push tech giants including Ant Group, Tencent and JD.com to share consumer loan data to prevent excess borrowing and fraud, two people with knowledge of the matter said, in Beijing’s latest tightening of scrutiny.
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EXCLUSIVE-China to push its tech giants to share consumer credit data-sources

Aim is to prevent excess borrowing and fraud -sources
Adds to recent proposals to sharpen scrutiny of tech champions (Adds quotes, details on credit agencies)
HONG KONG, Jan 11 (Reuters) - China plans to push tech giants including Ant Group, Tencent and JD.com to share consumer loan data to prevent excess borrowing and fraud, two people with knowledge of the matter said, in Beijing’s latest tightening of scrutiny.
The plan, if implemented, would effectively end the government’s laissez-faire approach to the industry and is another sign of attempts to rein in the country’s technology champions. Large internet platforms have tended to resist handing over their data, a crucial asset that helps them run operations, manage risk and lure new customers. ....

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China considers forcing tech giants to share financial data

China considers forcing tech giants to share financial data
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