6/23, 1:24 PM (Source: TeleTrader)
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Ant discussing sharing data with Chinese state firms - report

Alibaba Group Holding Limited's affiliate Ant Group is discussing the possibility of introducing a joint venture with companies owned by the Chinese government that would share consumer data and subject it to regulatory oversight, anonymous sources close to the matter told The Wall Street Journal on Wednesday.

The new company would be created as a credit-scoring firm in the third quarter of 2021, according to the report. Ant and the Chinese authorities are reportedly deliberating also about which entity should hold control over the new unit.

Ant is under intense scrutiny by Beijing, as market and banking regulators focus on comprehensive consumer data the company has at its disposal and the advantages it brings to the Alibaba affiliate.

Breaking the News / MS