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Exclusive: Chinese state firms to take big stake in Ant's credit-scoring JV - sources

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The JV partners plan to form a personal credit-scoring firm to handle Ant's treasure trove of data on over 1 billion consumers. YahooFinance

FILE PHOTO: A man walks past an Ant Group logo in ShanghaiHONG KONG - State-backed firms are set to take a sizeable stake in a key Ant Group asset for the first time, three people told Reuters, in a move that will loosen the Chinese fintech giant's grip on a data treasure trove of over 1 billion users but help revive its IPO.

Under the plan, Ant and Zhejiang Tourism Investment Group Co Ltd will each own 35% of the venture, while other state-backed partners, Hangzhou Finance and Investment Group and Zhejiang Electronic Port, will each hold slightly more than 5%, said one of the people. The proposed joint venture would collect, manage and analyse consumer data to score people's credit, thereby bringing Ant's main business-data operations together and making regulatory oversight easier, said one of the people.

Big platforms like Ant, which began as Alibaba's payments arm, have for years been reluctant to share that data with credit-scoring firms run or backed by regulators.

 

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