Beijing seeks consumer data from Ant Group - report

Tuesday, 05. January 2021 22:19

Chinese market authorities are seeking consumer information from Alibaba Group Holding Limited's affiliate Ant Group Co. Ltd., The Wall Street Journal reported on Tuesday, citing unnamed officials and government advisers familiar with the issue. The administration reportedly sees comprehensive consumer data Ant has at its disposal as a tool through which the firm maintains an unfair competitive advantage.

The regulators presented two solutions, one entailing that the company discloses and hands over its information to the People's Bank of China's (PBoC) credit-reporting system, and the other, according to which Ant would deliver its data to a PBoC-controlled credit-rating firm. Reportedly, the company did not comply with the request so far.

Ant founder Jack Ma and his businesses have recently been a target of intense scrutiny by the state authorities after he publicly criticized the government's financial regulation.

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Breaking the News / MS