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What s next for Jack Ma s Ant Group after China orders revamp?
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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
FILE PHOTO: People visit Tencent s booth at the World 5G Exhibition in Beijing, China, Nov. 22, 2019. REUTERS/Jason Lee/File Photo Premium
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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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.