Chinese Credit Service Shares Customer Data With Central Bank Amid Regulatory Crackdown

Chinese Credit Service Shares Customer Data With Central Bank Amid Regulatory Crackdown
Logo of the Ant Group headquarter in Hangzhou, eastern China's Zhejiang Province on Oct. 13, 2020. STR/AFP via Getty Images
Updated:

Chinese credit and loan service company Huabei will send its customer data to a database run by China’s central bank. The move signals more regulatory oversight of the financial technology industry.

Huabei, which means “just spend it” in Chinese, stated in a notification released on Sept. 22 that consumer credit data has been integrated into the financial credit information database run by the People’s Bank of China (PBOC).