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China’s tech giants face closer scrutiny of consumer credit data


China plans to try and curb excessive borrowing and clamp down on fraud by making large tech companies share their consumer loan data. According to a report by Reuters, the move is being seen as a reversal of the Chinese government’s previously lax approach to dealing with the industry.

Major tech companies that run large internet e-commerceplatforms have traditionally kept the data under wraps, allowing them to operate unhindered while luring in new customers. Now though the Chinese regulators that include the central bank are attempting to get tech company loan data channeled through the country’s credit agencies.

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