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Two Chinese internet giants Ant Group and Tencent Holdings have tightened their consumer credit conditions amid increasingly strict regulation.
Users of Ant Credit Pay have recently posted screenshots of their reduced credit limits on social media platforms. Some said that the ceiling was brought down by half.
Clients of Weilidai, WeBank’s online lending platform, have said that their personal credit ceiling has been adjusted to CNY200,000 from CNY300,000 (down to USD30,628).
Hangzhou-based Ant and Tencent’s WeBank confirmed the lowered limits yesterday.
Ant Credit Pay is adjusting some young users’ credit conditions to promote more rational consumption habits, the parent replied to Yicai Global. The virtual credit card operator will consider repayment capacity for cautious lending, it added.
The move is in accordance with relevant laws and regulations, aiming to promote steady and healthy business development, said online lender WeBank.
China’s fintech regulation has been showing signs of tightening after Ant’s much-anticipated initial public offering was suspended by the Shanghai Stock Exchange in November due to changing rules.
New developments emerged today. China’s central bank and three other financial regulators will hold regulatory talks with Ant within the next few days, Xinhua News Agency reported this morning. The agencies are expected to urge and guide the group to abide by market-driven, law-based principles and compete fairly.
Source: Yicai Global
