Ant Group backed Personal Credit-Scoring Joint Venture Application Accepted by People’s Bank of China


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China’s reserve bank confirmed on Friday (November 26, 2021) that it had accepted the application to launch a personal credit-scoring joint venture that is reportedly being backed by Alibaba‘s ( NYSE: BABA ) Fintech division Ant Group and various other companies. Qiantang Credit Rating Co Ltd will now become the third personal credit scoring company established in China if/when it is officially cleared by regulatory authorities. As reported by Reuters, the business entity will be officially registered in Hangzhou, Zhejiang province. It will have 1 billion yuan (appr. $156.50 million) in capital, the People’s Bank of China (PBoC) revealed. The...