Ant Group's Huabei is integrated into Chinese central bank's credit reporting system
Published: Sep 22, 2021 01:24 PM
Huabei Photo: CFP

Huabei Photo: CFP

Ant Groups's credit payment platform, Huabei, has been integrated into China's central bank credit reporting system. The inclusion comes amid the growth of the digital economy and will not affect users' loan applications, the Huabei team said in an open letter on its official Weibo account on Wednesday. 

The statement comes after Huabei users have received a notice from the company to up-grade their Huabei service and they are asked to sign authorization to report relevant in-formation to financial credit information database.

In response, Huabei announced that some users are already able to look up Huabei-related records in their credit reports after providing authorization for credit information re-porting. Going forward, the central bank's credit reporting system will be able to serve all Huabei users. 

With users' prior authorization, information that Huabei reports to the central bank's credit reporting system include the date of account set-up, credit lines, usage, as well as the sta-tus of credit repayment. 

Huabei will submit credit information on a monthly basis and it will not reveal the details of personal consumption, the platform said.

Addressing users' concerns that it might affect other loan applications, Huabei said that under normal  circumstances and with the regular usage of Huabei and on-time repay-ments, the use of other financial services including loan applications will not be impacted.

"Our data indicates that more than 99 percent of Huabei users have good usage records. We recommend that users continue to use Huabei in accordance with their own personal circumstances, spend within their means, and make appropriate use of credit tools," the platform said.

Global Times