Under draft rules published on Monday by China’s central bank and banking regulator, small online lenders must provide at least 30% of any loan they fund jointly with banks.Ī banker in Hong Kong close to other Chinese fintechs said those firms thought the new rules were tailor-made for Ant. It will have a negative impact on pricing,” said Zhong Daqi, founding partner of Guangzhou Zeyuan Investment Management Co. And it’s wrong not to do that in the past, and the mistake is being corrected. “It’s the right move to regulate what’s essentially a financial institution as their peers. Only 2% of the loans it had facilitated were on its balance sheet, its IPO prospectus showed. REUTERS/Aly SongĪnt’s consumer lending balance was 1.7 trillion yuan ($254 billion) at the end of June, or 21% of all short-term consumer loans issued by Chinese deposit-taking financial institutions. FILE PHOTO: A logo of Ant Group is pictured at the headquarters of the company, an affiliate of Alibaba, in Hangzhou, Zhejiang province, China October 29, 2020.
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