China intends to pressure the country’s tech giants, such as Ant Group, Tencent and JD.com, to share their users’ consumer loan data in order to prevent over-lending and fraud, according to two sources familiar with the matter.

Chinese regulators, including the Central Bank, plan to require internet platforms to share their vast data on loans to some of the country’s credit bureaus, a source said.

• Scientists find out the secret behind Ants’ exceptional strength
• Alibaba, Jack Ma – who remains missing and the dream that became a nightmare
• Belarus hopes to get a $ 500 million loan from China Development Bank
• The US Fed launches a 2.3 trillion credit package to revive the economy
• Apple is positioned as the fourth largest video game company in the world

The agencies, which are run or supported by the People’s Bank of China, will share the data more widely with banks and other lenders to properly assess risks and avoid over-lending, the Reuters explains with reference to sources.

The agency notes that Ant and Tencent declined to comment, while JD.com and the People’s Bank of China (PBOC) did not immediately respond to requests for comment.

“Smaller banks are generally in a weaker position when they partner with tech giants like Ant. They have relied heavily on Ant data to underwrite loans and manage risk,” a top Chinese regulator, as quoted by Reuters.

• Neuroscience Breakthrough: Study Pinpoints Brain Activity That Helps Prevent Us From Getting Lost
• Brief Anger Hampers Blood Vessel Function Leading to Increased Risk of Heart Disease and Stroke – New Study
• New Blood Test Pinpoints Future Stroke Risk – Study Identifies Inflammatory Molecules as Key Biomarker
• Enceladus: A Potential Haven for Extraterrestrial Life in its Hidden Ocean Depths
• New Experiment: Dark Matter Is Not As ‘DARK’ As All We Think

According to the source, “when defaults occur, they have to bear most of the losses.” 

“It’s crucial for lenders to have better access to more comprehensive and detailed credit data on borrowers,” he added.

Meanwhile, tech companies charge high service fees to banks in exchange for access to millions of customers.

Through its Alipay app, Ant collects data from more than 1 billion people, as well as 80 million merchants.

Additionally, Ant runs Sesame Credit, one of the largest private credit rating platforms in China, with proprietary algorithms and methodology that rate individuals and small businesses based on their use of Ant-linked services.

• Scientists find out the secret behind Ants’ exceptional strength
• Alibaba, Jack Ma – who remains missing and the dream that became a nightmare
• Belarus hopes to get a $ 500 million loan from China Development Bank
• The US Fed launches a 2.3 trillion credit package to revive the economy
• Apple is positioned as the fourth largest video game company in the world

The company provides limited information on borrowers to about 100 banks and charges so-called “technology service fees.”