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Ant Group revamps Huabei’s consumer lending business – Pandaily

(Source: Sohu)

Ant Group’s Huabei (Ant Check Later) announced on Wednesday that Huabei will become an exclusive consumer loan brand under the name Chongqing Ant Consumer Finance. The new company will focus on the spending demand of small and medium-sized businesses.

Huabei initiated this brand segregation to implement consumer credit regulatory requirements under the full protection of consumer rights. The so-called brand segregation aims to clearly separate consumer credit services provided by financial institutions and to avoid brand confusion.

Consumer loans fully funded by banks and other financial agencies will no longer be labeled as “Huabei”. Instead, these loans will be considered a “credit buying” service (信用购) directly independent of financial institutions. The names of these financial institutions will be mentioned explicitly.

SEE ALSO: Alipay upgrades Jiebei function as credit loans now served by banks

The credit limit of the “purchase of credit” must be independently audited and determined by the financial institution. The interest-free period of “credit purchase” and Huabei is the same. Both services can only be used for consumption, not cash, and will be reported to the National Credit Reporting System.

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