According to foreign news reports, the China Securities Regulatory Commission is considering letting Ant Group share its vast consumer credit data, one of which would require Ant to feed its data to the People’s Bank of China, and another option would be to let Ant share information with credit rating companies.
It is reported that regulators believe that Ant has a large amount of personal data, resulting in unfair competitive advantage, and hope that this will make Ant like other banks subject to regulation, and to break its monopoly on data.
According to the data, the Ant Group application has been used by more than 1 billion people, holding data including consumer spending habits, borrowing behavior and repayment history, etc. Ant will be related data to 100 commercial banks to obtain funds, and then lend to lenders, the process, the bank to bear most of the risk, but as a middleman Ant is profitable.
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