QianTang Credit Gets Approval, Ant Financial Ecosystem Likely to Benefit Deeply

QianTang Credit Gets Approval, Ant Financial Ecosystem Likely to Benefit DeeplyOn December 12th, the People's Bank of China (PBOC) announced its approval of QianTang Credit Co., Ltd

QianTang Credit Gets Approval, Ant Financial Ecosystem Likely to Benefit Deeply

On December 12th, the People's Bank of China (PBOC) announced its approval of QianTang Credit Co., Ltd.'s personal credit business license, making it the third licensed personal credit institution in China after Baihang Credit and Sesame Credit. QianTang Credit has a registered capital of 1 billion yuan and has 6 shareholders. Among them, Zhejiang Provincial Tourism Investment Group Co., Ltd. and Ant Group Co., Ltd. are the two largest shareholders, each holding 35% of the shares. Chuanhua Group Co., Ltd. holds 7% of the shares, Hangzhou Financial Investment Group Co., Ltd. and Zhejiang Electronic Port Co., Ltd. each hold 6.5%, and Hangzhou Xishu Enterprise Management Partnership (Limited Partnership) holds 10%.

Personal credit institutions are developing in a complementary way with the financial credit information basic database operated by the PBOC's Credit Reference Center, providing mainly personal credit evaluation services. It is understood that the approval of QianTang Credit will contribute to:

1. Better leverage data value to meet the credit service needs of residents and financial institutions: Personal credit institutions can leverage their own data advantages to provide residents with more comprehensive credit evaluation services, while also providing financial institutions with more diverse personal credit products, helping to improve the quality and efficiency of financial services.

2. Increase the supply of personal credit and enrich financial institutions' personal credit products: The addition of QianTang Credit will further enrich the personal credit market, providing financial institutions with more choices and enhancing their financial risk management capabilities.

The approval of QianTang Credit's personal credit business will bring further growth space to the entire industry chain. Ant Financial, a leading domestic payment and personal credit company, has a vast user base and technological advantages, and its ecosystem is expected to benefit deeply from the approval of QianTang Credit.

According to Cailian Press Topic Database, among related listed companies:

• Chuanhua Zhilian is the listed subsidiary of Chuanhua Group, which holds 7% of QianTang Credit and Chuanhua Zhilian holds 5.01% of Ant Consumer Finance.

• Nanwei Software has partnered with Huawei to develop big data resources and exchange platforms in Shenzhen, Hunan, and Guizhou, and has joined forces with Ant Financial to build a blockchain electronic certificate data service platform.

The approval of QianTang Credit marks a new stage in the development of China's personal credit market. In the future, with the participation of more personal credit institutions, the personal credit market will become more prosperous, providing residents and financial institutions with more diverse and higher-quality credit services, promoting the healthy development of China's financial industry.