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

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 (9988.HK) 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 [RIC:RIC:ZJGVTT.UL] 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.

Lucy Harlow

Lucy Harlow is a senior Correspondent who has been reporting about Equities, Commodities, Currencies, Bonds etc across the globe for last 10 years. She reports from New York and tracks daily movement of various indices across the Globe