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Ant tussles with Beijing on sharing customer data - FT

Ant tussles with Beijing on sharing customer data - FT

Ant Group is resisting pressure from China's government to hand over more customer data to the country's central bank, according to the Financial Times.

The People's Bank of China wants access to Ant's consumer data to help state-owned banks assess credit worthiness.

According to the FT, Ant is the largest holder of Chinese consumer credit data but has only shared a fraction of this with the central bank.

The tussle comes after Ant's planned $37 billion IPO was derailed by China's move to impose tighter restrictions on fintech firms entering the banking market.

Ant has agreed to share some information on the 500 million people who have taken out loans with it. However, progress has been slow because, says Ant, privacy laws require users to consent to pass their data to third parties.

Citing sources, the FT says the central bank is unhappy with Ant and wants the firm to require users to agree to data sharing as a condition of using the service. Ant is resisting such a move, says the FT.

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