Chinese financial services company Ant Group has reportedly begun sharing consumer credit data with a joint venture partly owned by the country’s central bank.
Huabei, the micro-lending service of Ant, on its official Weibo account, a Chinese microblogging website, said that it was being integrated into China’s credit reporting system, Reuters reported.
The report added citing the lender that once users authorise, Huabei will share their data with the system.
Huabei added that information such as the date when the account was created, credit lines and usage will be shared, while personal usage details will not be reported to the system.
Last week, media reports emerged that China is planning to split payment App Alipay owned by Ant Group to create a separate app for loan business.
Chinese regulators had also asked Jack Ma owned Ant Group to break up the back end of its two lending businesses Huabei and Jiebei from the rest of its financial business.
As part of the plan to tighten the regulatory grip on the financial institution, Huabei has been integrated into the credit reporting system.
“The government believes big tech’s monopoly power comes from their control of data. It wants to end that,” a person close to financial regulators in Beijing was quoted earlier by the Financial Times as saying.
The company stopped offering deposit products of several banks from Alipay last year.
Last year, China also slammed brakes on Ant’s $37bn listing, which was poised to become the largest stock market debut worldwide.