China’s central bank said it has received an application for a personal-credit scoring venture between Ant Group, state-backed Zhejiang Tourism Investment Group and four other investors, allowing the fintech giant to move ahead with its business overhaul.

Qiantang Credit, which will have 1 billion yuan (US$157 million) in registered capital, will be 35 per cent each owned by a unit of Ant Group and Zhejiang Tourism, according to a notice published by the People’s Bank of China (PBOC) on its website on Friday. The rest will be held by Zhejiang-based conglomerate Transfar Group, state-owned Hangzhou Financial Investment Group, trade information portal operator Zhejiang Electronic Port and Hangzhou Xishu.

The PBOC said it will accept public feedback on the venture’s application for a business licence until December 2, following which it will give its decision.

If approved, the credit-scoring agency will be the third private company in mainland China to provide credit reporting services, that underpin lenders’ lending decisions. The last licence was granted in December 2020 to Pudao Credit Rating, which is backed by e-commerce major, smartphone giant Xiaomi and artificial intelligence giant Megvii.

Source: SCMP news