On Friday, the Central Bank of the Communist Party of China (CPC) released an article suggesting that data from large Internet platforms be included in macro-prudential management, regulated according to public goods, and monopoly data be turned into shared.
The article, signed by the subject group of the Financial Consumer Protection Bureau of the CPC Central Bank, was posted on the official micro-signal of the CPC Central Bank.
According to the article, large Internet platforms cover a wide range of business areas, and in addition to the financial sector, they also dabble in e-commerce, logistics, marketing and other fields through affiliated enterprises, covering hundreds of scopes such as shopping, travel, accommodation, payment transfer, investment and finance, Life, and public welfare.
According to the article, if e-commerce transactions are combined with financial messages, the supervision of the information interaction link will be cut off by the shift in the regulatory field, making it difficult for regulators to grasp the full picture of information sharing and use.
The article suggests that the financial business of large Internet platforms should be fully integrated into regulation, all institutions engaged in lending business should be connected to the database, the full amount of data on lending business should be reported, the comprehensiveness and transparency of information disclosure should be enhanced, and the risk of common debt should be effectively controlled.
Taiwan‘s “Free Finance” reported on Feb. 5 that China’s large Internet has a huge amount of personal information about the public, and that Ant Group and other large Internet companies have a lot of information about the public and know more than Zhongnanhai.
Reuters reported that Ant Group has the data of 1 billion people, which is a huge asset.
Earlier, the Wall Street Journal reported on Jan. 7 that Chinese Communist Party regulators are trying to get Jack Ma to do something he has long resisted, share the vast amount of consumer credit information collected by the fintech giant under his command.
The report said that Ant Group’s access to vast amounts of personal data through Alipay, which gives it a competitive advantage over smaller and even larger banks, has become a major reason for the crackdown on Ma and Ant Group.
Wang Jian, a well-known overseas political and economic observer, also believes that Ant Group’s possession of consumer data of 1 billion people is something that scares and puts the Chinese Communist Party to sleep.
According to people familiar with the matter, Ant Group is planning to divest its consumer credit data business, making concessions to Communist Party regulators in the hope that the move will help restart its initial public offering (IPO).
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