China’s Central Bank Wants Ant to Hand Over Its Data, FT Says
(Bloomberg) -- China’s government wants Jack Ma’s Ant Group Co. to hand over its data to a state-controlled company to be run by former central bank officials, the Financial Times reported, citing people close to the negotiations.
The newly created credit-scoring entity would serve rival financial institutions, including state lenders, the newspaper reported. Ant has said it wanted to lead the new company to minimize government intervention, the FT said, citing one banker who’s worked with the fintech company.
China’s government has proposed establishing a joint venture with local technology giants that would oversee the lucrative data they collect from hundreds of millions of consumers, Bloomberg News reported in March. The preliminary plan, which is being led by the People’s Bank of China, was said to mark a significant escalation in regulators’ attempts to tighten their grip over the country’s internet sector.
The company’s executives would have to be approved by the government, though online firms could be initial shareholders, Bloomberg cited people familiar as saying.
©2021 Bloomberg L.P.