China’s central bank is attempting to take control of Ant Group’s vast trove of consumer lending data, marking the latest front in Beijing’s crackdown on Jack Ma’s financial technology group, reported the Financial Times.
The People’s Bank of China wants Ant to turn over its data, one of the most valuable assets in Ma’s internet empire, to a state-controlled credit scoring company that would be run by former executives of the central bank, according to FT sources close to the negotiations.
The entity would also serve other financial institutions, such as state-owned banks, that compete with the fintech group’s lending operations.
Ant has insisted that it should lead the new company, according to the sources. “Too much government intervention will drag the industry down,” said one banker who has worked with Ant.