Ant Faces Another Setback in Curbs on Joint Lending With Banks

Bloomberg2021-02-22

Banks must cap co-lending with internet platforms in ChinaRules target ‘big techs’ that rely on banks, Citigroup saysJack Ma’s Ant Group Co.and China’s other fintech giants were dealt another blow by ...

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Comments

JulianAlson
2021-02-22
JulianAlson
Still chasing this? It just the matter of time it will be in the market,
- Paulie13:
  Wowwow
District19
2021-02-22
District19
Too bad
- Paulie13:
  Wow
jxli
2021-02-22
jxli
Oh no, not again!
Angsana
2021-02-22
Angsana
Hmm
heartspanda
2021-02-22
heartspanda
@TheNoobishreply my comment you idiot
- TheNoobish:
  Hey sexy
Werkohderkoh
2021-02-22
Werkohderkoh
[驚訝]

Leave a comment

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Co-lending with one platform shouldn’t exceed 25% of the bank’s tier-1 net capital.The restrictions add to draft rules for online lenders issued late last year, which heralded an abrupt loss of appetite for free-wheeling fintech innovations among regulators. The derailment of Ant’s $35 billion share sale and mounting scrutiny of its operations have since upended one of China’s biggest business success stories. The authorities have also cracked down on technology juggernauts in everything from e-commerce to credit-scoring and payments.“The new rules are mainly targeted against the big techs who are more reliant on the co-lending business model,” Citigroup analysts led by Judy Zhang wrote in a note. They “can prevent banks from over-relying on online lenders for credit assessment and over-concentrating on selective fintech partners.”From Jan. 1, 2022, an internet platform will be required to provide at least 30% of the funding itself in any single joint loan with a bank, the CBIRC said.The regulation is expected to further cripple growth at Ant, whose Jiebei and Huabei units had facilitated 1.7 trillion yuan ($263 billion) in consumer loans to 500 million people as of June 30, with only about 2% being kept on the parent’s balance sheet. Concerns that it will need to raise capital to plug the shortfall and seek national licenses have prompted analysts at Morningstar Inc. and others firms toslashestimates on Ant’s valuation by half from $280 billion before its scrapped listing.Further requirements in Saturday’s announcement:A local bank cannot extend online loans outside its home baseCBIRC and its local branches may propose tougher requirements on the amount and share in co-lending arrangementsLatest rules will also apply to foreign banks, trust firms, consumer finance companies and auto finance businessesThe rules will hurt lenders that rely on Ant for their digital loans, said Francis Chan, a Hong Kong-based Bloomberg Intelligence analyst. The restriction on regional banks’ ability to extend credit outside their home bases will mean some will lose access to consumers in coastal areas, he said.Ant and at least a dozen banks have been paring back their years-long cooperation on consumer-lending platforms in recent months, people familiar with the mattersaidin February. That has taken place in parallel with Ant’s discussions with Chinese authorities on a restructuring plan. Bloomberg reported earlier that Ant has agreed to become a financial holding company, making it subject to capital requirements similar to those for banks.","kind":null,"is_publish_news":true,"is_publish_highlight":true,"is_publish_live":false,"is_publish_wemedia":null,"editions":null,"column":"","sentiment":"0","news_tag":"","news_rank":0,"symbols":[],"gpt_button":1},"commentList":[{"id":369304848,"gmtCreate":1614002746684,"gmtModify":1704886732094,"author":{"id":"3575352038769618","authorId":"3575352038769618","authorIdStr":"3575352038769618","name":"JulianAlson","avatar":"https://static.tigerbbs.com/a4f9fadbfd2a54fe54a080c1732d41f9","vip":1,"crmLevel":6,"crmLevelSwitch":1,"idStr":"3575352038769618"},"htmlText":"Still chasing this? It just the matter of time it will be in the market,&nbsp;","listText":"Still chasing this? It just the matter of time it will be in the market,&nbsp;","text":"Still chasing this? It just the matter of time it will be in the market,","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":1,"repostSize":0,"link":"https://ttm.financial/post/369304848","repostId":1128649853,"repostType":4,"isVote":1,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"tweetType":1,"comments":[{"id":3636498,"gmtCreate":1614043463006,"gmtModify":1680777932380,"authorId":3571353151224967,"author":{"id":3571353151224967,"authorId":3571353151224967,"name":"Paulie13","avatar":"https://static.tigerbbs.com/265f29263756a1465323c33d81deca23","vip":1,"crmLevel":2,"crmLevelSwitch":0,"individualDisplayBadges":[]},"repliedAuthorId":0,"objectId":369304848,"type":1,"supId":0,"prevId":0,"content":"Wowwow","text":"Wowwow","html":"Wowwow"}],"langContent":"EN"},{"id":360738337,"gmtCreate":1613975805429,"gmtModify":1704886346879,"author":{"id":"3570062979833136","authorId":"3570062979833136","authorIdStr":"3570062979833136","name":"District19","avatar":"https://static.tigerbbs.com/156ffbb659c0effab24d14243664a315","vip":1,"hat":"https://static.tigerbbs.com/f84d87792f02cf78e80ee34979fd31e5","crmLevel":6,"crmLevelSwitch":1,"idStr":"3570062979833136"},"htmlText":"Too bad","listText":"Too bad","text":"Too bad","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":1,"repostSize":0,"link":"https://ttm.financial/post/360738337","repostId":1128649853,"repostType":4,"isVote":1,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"tweetType":1,"comments":[{"id":3636497,"gmtCreate":1614043451329,"gmtModify":1680777930697,"authorId":3571353151224967,"author":{"id":3571353151224967,"authorId":3571353151224967,"name":"Paulie13","avatar":"https://static.tigerbbs.com/265f29263756a1465323c33d81deca23","vip":1,"crmLevel":2,"crmLevelSwitch":0,"individualDisplayBadges":[]},"repliedAuthorId":0,"objectId":360738337,"type":1,"supId":0,"prevId":0,"content":"Wow","text":"Wow","html":"Wow"}],"langContent":"EN"},{"id":360731799,"gmtCreate":1613975703711,"gmtModify":1704886346068,"author":{"id":"3571295912701230","authorId":"3571295912701230","authorIdStr":"3571295912701230","name":"jxli","avatar":"https://static.laohu8.com/default-avatar.jpg","vip":1,"crmLevel":2,"crmLevelSwitch":0,"idStr":"3571295912701230"},"htmlText":"Oh no, not again!","listText":"Oh no, not again!","text":"Oh no, not again!","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":4,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/360731799","repostId":1128649853,"repostType":4,"isVote":1,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"tweetType":1,"langContent":"EN"},{"id":360473119,"gmtCreate":1613971459131,"gmtModify":1704886302848,"author":{"id":"3575326435298567","authorId":"3575326435298567","authorIdStr":"3575326435298567","name":"Angsana","avatar":"https://static.tigerbbs.com/3c8492153d7059ec1aa704a1bd541c14","vip":1,"crmLevel":4,"crmLevelSwitch":0,"idStr":"3575326435298567"},"htmlText":"Hmm","listText":"Hmm","text":"Hmm","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/360473119","repostId":1128649853,"repostType":2,"isVote":1,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"tweetType":1,"langContent":"EN"},{"id":360424398,"gmtCreate":1613968061614,"gmtModify":1704886270690,"author":{"id":"3573728887738549","authorId":"3573728887738549","authorIdStr":"3573728887738549","name":"heartspanda","avatar":"https://static.tigerbbs.com/d71c1e09e1e9b0819478986bcb4dc062","vip":1,"crmLevel":2,"crmLevelSwitch":0,"idStr":"3573728887738549"},"htmlText":"<a href=\"https://laohu8.com/U/3573629425643030\">@TheNoobish</a>reply my comment you idiot","listText":"<a href=\"https://laohu8.com/U/3573629425643030\">@TheNoobish</a>reply my comment you idiot","text":"@TheNoobishreply my comment you idiot","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":1,"repostSize":0,"link":"https://ttm.financial/post/360424398","repostId":1128649853,"repostType":4,"isVote":1,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"tweetType":1,"comments":[{"id":3629446,"gmtCreate":1613977837580,"gmtModify":1680777819606,"authorId":3573629425643030,"author":{"id":3573629425643030,"authorId":3573629425643030,"name":"TheNoobish","avatar":"https://static.tigerbbs.com/910b578d24b81b2a3a53154a96d972cd","vip":1,"crmLevel":1,"crmLevelSwitch":0,"individualDisplayBadges":[]},"repliedAuthorId":0,"objectId":360424398,"type":1,"supId":0,"prevId":0,"content":"Hey <u>sexy</u>","text":"Hey <u>sexy</u>","html":"Hey <u>sexy</u>"}],"langContent":"EN"},{"id":360487329,"gmtCreate":1613966105861,"gmtModify":1704886243916,"author":{"id":"3571138623117037","authorId":"3571138623117037","authorIdStr":"3571138623117037","name":"Werkohderkoh","avatar":"https://static.tigerbbs.com/15f00b0aef0edf959d4cceebd1513729","vip":1,"crmLevel":3,"crmLevelSwitch":0,"idStr":"3571138623117037"},"htmlText":"[驚訝]&nbsp;","listText":"[驚訝]&nbsp;","text":"[驚訝]","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/360487329","repostId":1128649853,"repostType":2,"isVote":1,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"tweetType":1,"langContent":"CN"}],"isCommentEnd":false,"newsSizeData":{"likeSize":29,"commentSize":16,"repostSize":0,"favoriteSize":0,"likeStatus":false,"favoriteStatus":false},"APP":{"userAgent":"Mozilla/5.0 AppleWebKit/537.36 (KHTML, like Gecko; compatible; ClaudeBot/1.0; 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