Qiantang Credit Rating Gains PBOC Approval, Boosting Ant Group's Position in Hangzhou
Qiantang Credit Rating's Approval by the PBOC
Qiantang Credit Rating, backed by Ant Group, has secured a personal credit-reporting license from the People's Bank of China (PBOC) after a lengthy three-year wait. This license allows Qiantang to operate until November 2027, enhancing its role in the credit industry.
Background of Qiantang Credit Rating
Based in Hangzhou, the capital of Zhejiang province, Qiantang was established amid significant regulatory changes affecting Ant Group following its halted IPO in 2020. Major stakeholders include state-owned Zhejiang Tourism Investment Group and Ant Group, each holding 35%.
Impact on the Credit Market
The PBOC has been encouraging the private sector to enter the personal credit-scoring market, fostering competition. With Qiantang's recent approval, it joins Baihang Credit and Pudao Credit Rating as licensed entities, facilitating greater credit accessibility for individuals and small businesses in China.
Conclusion: A New Era in Credit Reporting
As the PBOC continues to support private credit agencies, Qiantang's entry is expected to enhance credit services significantly. This development is pivotal for Ant Group and its aspirations in the Chinese financial market.
This article was prepared using information from open sources in accordance with the principles of Ethical Policy. The editorial team is not responsible for absolute accuracy, as it relies on data from the sources referenced.