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China central bank allows set-up of credit scoring venture backed by Ant, state firms

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The new venture, named as Qiantang Credit Rating, will become the third personal credit scoring firm in China if officially approved by regulators.

Ant and the state-backed Zhejiang Tourism Investment Group Co Ltd would each own 35% of the venture, according a statement by the People’s Bank of China (PBOC). Other state-backed partners, including Hangzhou Finance and Investment Group and Zhejiang Electronic Port, would hold 6.5% each.

($1 = 6.3901 Chinese yuan renminbi)

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