Connect with us
1610365637 To shield consumers from overwhelming debt Chinese regulators could force 1610365637 To shield consumers from overwhelming debt Chinese regulators could force

News

To shield consumers from overwhelming debt, Chinese regulators could force tech giants to share consumer credit data

Published

on

China plans to nudge tech giants including Ant Group, Tencent and JD.com to share consumer credit data to prevent over-lending and fraud. This is reported by Reuters, citing two informants familiar with the matter.

According to their sources, Chinese regulators, including the central bank, are planning to oblige Internet platforms to transfer credit data to some kind of nationwide structure overseen by the People’s Bank of China (PBOC). This structure will provide the obtained data to banks and other financial institutions so that they can adequately assess risks and prevent excessive borrowing.

If implemented, this plan will end the government’s policy of non-interference in the lending industry. Today, major online trading and financial platforms are slow to share credit data – a critical asset that helps them direct their business, manage risk and attract new customers.

The described measure is part of the government’s efforts to regulate the activities of Internet giants. The regulation is expected to reduce the scale and profitability of their lending business. Meanwhile, this area is a real cash cow, as tech companies charge banks high fees for servicing with the confidential data of a huge number of customers. For example, Ant has amassed data on more than a billion people using its super app Alipay, many of whom are young, Internet-oriented consumers who do not have credit cards or sufficient credit histories at banks. In addition, Ant has about 80 merchants in its database.

Ant operates one of China’s largest private credit rating platforms, Sesame Credit, which uses proprietary algorithms and methodologies to assess the creditworthiness of individuals and small businesses based on their use of Ant-related services. By providing limited information from this set of about a hundred banks, the company receives a commission from them in the amount of 30-40% of the interest rate on the loan.

Ant also lends itself: Ant’s consumer lending balance at the end of the first half of last year was $ 263 billion, or 21% of all short-term consumer loans issued in China.

Click to comment

Leave a Reply

Your email address will not be published.

Software

Stephen King criticized Elon Musk. In response, the billionaire invited the writer to the Twitter office

Published

on

Stephen King criticized Elon Musk In response the billionaire invited

The head of SpaceX and Tesla, Elon Musk, who recently became the owner of social Twitter, invited writer Stephen King to visit the company’s office after criticism of him.

“I think Elon Musk is a visionary. Almost single-handedly, he changed the way Americans thought about cars. I have a Tesla and I love it. However, it is not at all suitable for managing Twitter, ”Stephen King said on Saturday.

Stephen King criticized Elon Musk.  In response, the billionaire invited the writer to the Twitter office

In response to this, Elon Musk said that he is always open to dialogue and suggestions, and added the following:

Stephen King is one of the most creative people on earth. While I may not agree with everything he says, I really want to hear it.

Elon Musk

He was then asked to invite Stephen King to the Twitter 2.0 office to discuss talking to him “face to face”. To which Musk replied: “He’s invited.”

Musk previously spoke about Twitter 2.0, saying that the social network should become “the application for everything.” It will include interactive advertising, the ability to publish long posts, new features for videos and changes in the payment system.

Continue Reading

Phones

“The era of Samsung’s dominance in 10x zoom shots is over,” Galaxy S22 Ultra vs. Vivo X90 Pro+ compared

Published

on

The era of Samsungs dominance in 10x zoom shots is

Reliable insider Ice Universe has posted some more comparison photos comparing the 10x zoom capabilities of the Samsung Galaxy S22 Ultra and Vivo X90 Pro+.

“The era of Samsung’s dominance in 10x zoom shots is over,” Ice Universe said commenting on these shots, adding that he has taken hundreds of similar comparison photos that leave no doubt about the advantage of Vivo X90 Pro +.

The era of Samsungs dominance in 10x zoom shots is

1669608588 119 The era of Samsungs dominance in 10x zoom shots is
1669608591 786 The era of Samsungs dominance in 10x zoom shots is
1669608596 849 The era of Samsungs dominance in 10x zoom shots is

Recall that the Vivo X90 Pro + received the main image sensor Sony IMX989 optical format 1 inch and Zeiss optics, consisting of eight elements. He also received a periscope module with a 64-megapixel OmniVision OV64B sensor, which provides 100x zoom. In addition, the Vivo X90 Pro + debuted a 50-megapixel Sony IMX758 sensor.

Yesterday, the same insider already published a comparison of these smartphones at night, stating a large gap between them.

Ice Universe was the first to accurately talk about the new trend of smartphones with waterfall screens, the notch in the iPhone X, the new design of the iPhone 14 and Samsung’s 200-megapixel image sensor. Recently, he was the first to accurately report that Redmi Note 12 Pro + will receive a 200-megapixel main camera. Exclusive information about new products is leaked to him by sources in the research and development department of the South Korean giant.

Continue Reading

News

“Only Samsung increases the bezels in S23 contrary to the global trend,” Ice Universe showed Xiaomi 13 in a new image

Published

on

Only Samsung increases the bezels in S23 contrary to the

The well-known insider Ice Universe, who regularly shares exclusive information about the latest in the mobile industry, has published a new image of the flagship smartphone Xiaomi 13.

This render confirms that the smartphone will receive a flat screen with a narrow frame around the entire perimeter. On the sides and top, the width of the frame will be 1.61 mm, and at the bottom of the screen it will have a width of 1.81 mm. In this case, the effective display area will be 93.3%.

“Only Samsung increases the bezels in S23 contrary to the global trend,” Ice Universe showed Xiaomi 13 in a new image

Xiaomi 13 will receive an elegant flat screen with an ultra-thin frame. I think about it again: in 2023, the whole world is narrowing the frames, and only Samsung is increasing the frames in S23, contrary to the global trend.

ice universe

Earlier, he also said that Xiaomi 13 and Xiaomi 13 Pro will receive the best screens currently on the Android market manufactured by Samsung. Their screen brightness will be higher than the Samsung Galaxy S22 Ultra.

Ice Universe was the first to accurately talk about the new trend of smartphones with waterfall screens, the notch in the iPhone X, the new design of the iPhone 14 and Samsung’s 200-megapixel image sensor. Recently, he was the first to accurately report that Redmi Note 12 Pro + will receive a 200-megapixel main camera. Exclusive information about new products is leaked to him by sources in the research and development department of the South Korean giant.

Continue Reading

Most Popular