China's Ant Group starts splitting credit card Huabei into two to limit risks

Nov 25, 2021 8:50 am

Chinese fintech giant Ant Group has started dividing its virtual credit card Huabei into two separate service providers in response to the country's tightening regulation to mitigate financial risks.

Huabei will become an exclusive brand of Chongqing Ant Consumer Finance, the parent's unit formed last June, to provide small to medium-sized consumer loans, the Hangzhou-based firm said in a statement yesterday. Meanwhile, loans offered by banks will be put under a separate label, Xinyonggou, which caters to those with needs for a higher credit line.


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