Ant-backed credit rating firm gets central bank approval in China after 3-year wait

Quick Summary:

The joint venture, 35 per cent owned by Ant Group, had a prolonged wait after previously licenced firms were approved within weeks of applying.

While the PBOC runs its own Credit Reference Centre, it has been encouraging the private sector to offer services to individuals and small businesses.

Qiantang has 1 billion yuan (US$139 million) in registered capital.

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Article Details

Author / Journalist: Iris Deng

Category: Technology

Markets: Hong KongChina

Topics: Granted Credit-reporting Central Personal Licence Capital Qiantang Individuals Credit China Bank

Source Website Secure: Yes (HTTPS)

News Sentiment: Neutral

Fact Checked: Legitimate

Article Type: News Report

Published On: 2024-11-12 @ 17:30:07 (5 days ago)

News Timezone: GMT +8:00

News Source URL: scmp.com

Language: English

Article Length: 193 words

Reading Time: 2 minutes read

Sentences: 7 lines

Sentence Length: 28 words per sentence (average)

Platforms: Desktop Web, Mobile Web, iOS App, Android App

Copyright Owner: © SCMP

News ID: 23643596

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