By: The Wall Street Journal
September 22, 2021
Credit data generated by Ant Group Co.’s popular consumer lending service will be fully integrated into a government credit-reporting system, a significant step in a continuing effort to bring the financial-technology giant into line with Chinese regulators’ priorities.
Ant’s service Huabei, which means “just spend” in Mandarin and functions like a virtual credit card, said in a social media post Wednesday that “is advancing with its orderly inclusion into the financial credit information database held by the Credit Reference Center of the PBOC,” referring to the People’s Bank of China, the country’s central bank.