Recently, sources familiar with the matter said that the Chinese Communist government has proposed to China’s most prominent e-commerce and Gold flow platforms to jointly establish a big data joint venture, a plan being led by the People’s Bank of China. Pictured is the People’s Bank of China (Photo credit: Internet)
The Chinese government has proposed to China’s most prominent e-commerce and financial-streaming platforms to set up a joint venture for big data in the name of overseeing the hundreds of millions of consumers’ information controlled by leading technology companies, a person familiar with the matter said recently.
Bloomberg 25, citing knowledgeable sources, revealed that the network company, in cooperation with the official, will be the initial shareholder of the joint venture, but its senior manager must be agreed by the regulatory authorities. The authorities do not rule out the possibility of taking over the data of the people. The People’s Bank of China did not immediately comment on this.
Bloomberg noted that this is the latest move by Chinese authorities to further control the online industry, but it is still only one of the options.
When the Communist authorities previewed last November and formally released the “Anti-Monopoly Guidelines for the Platform Economy” in February, there were questions about the authorities’ fears of controlling the Internet faucet to gain access to private information about the general public. The authorities’ above approach shows once again that these concerns are not unfounded.
Earlier, the Wall Street Journal quoted sources as saying that Chinese regulators had asked Ant Group to share a large amount of consumer credit data it had collected. Ant Group is considering two options, one of which would require it to access the national credit reporting system operated by the central bank, and the other would require Ant Group to share data with a credit rating company that is effectively controlled by the central bank.
The Financial Times has reported that Ant Group has agreed to provide a government-backed database with some of its 500 million loan customers’ information, including their personal identities, monthly borrowing amounts and debt repayment status.
But the company has shared only a very small amount of data, according to people familiar with the matter, and the Communist Party’s central bank is unhappy with its progress in that regard.
Authorities have asked Ant Group to step up its disclosure efforts, and the people familiar with the matter said Ant Group has agreed to share its “debit” and “chant” consumer credit data with the credit center on a “step-by-step” basis. The sources said Ant Group has agreed to share its consumer credit data with the credit center in a “step-by-step” manner.
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