The credit data generated by Huabei, Ant Group’s popular consumer lending service, will be fully integrated into a government credit-reporting system, reports The Wall Street Journal. The move is a significant step in an ongoing effort to bring the fintech giant into line with Chinese regulators’ priorities.
Huabei, which functions like a virtual credit card, said in a social media post Wednesday that it “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.
The post said Huabei users will be asked to authorize sharing of credit information with the PBOC system. Those who opt out won’t be able to use Huabei’s service. Information such as account setup dates, credit line amounts and repayment status will be reported to the central bank’s database on a monthly basis.
Huabei said it won’t share specific transaction information, including information on what people purchased and when.