Reuters revealed that China plans to push tech giants, including Ant Group, Tencent and JD.com, to share consumer loan data to prevent excess borrowing and fraud, in Beijing’s latest tightening of scrutiny. The plan, if implemented, would effectively end the government’s laissez-faire approach to the industry. Large Internet platforms have tended to resist handing over their data, a crucial asset that helps them run operations, manage risk and lure new customers. Chinese regulators, including the central bank, plan to instruct internet platforms to feed their vast loan data to some of the nationwide credit agencies.
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