Ant Group will reportedly spin off its consumer credit data unit with the goal of a second IPO attempt within two years.
Ant Group will spin off the data unit, according to a «Bloomberg» report citing unnamed sources, with an eye on a second listing attempt within two years.
The Chinese fintech giant will spin off its consumer credit data ops which is holding information related to more than 1 billion people.
«Ant’s financial holding firm will be granted the license from the [People’s Bank of China] and will be allowed to go public after the overhaul,» said the source.
Data Treasure Trove
Ant’s pool of data spans across over two-thirds of China’s population and it has significant value for the mainland financial system because of the lack of credit record for many of the country unbanked.
In addition to its payment unit Alipay, Ant also operates a credit unit – «Sesame Credit» – which includes proprietary algorithms to score the credit worthiness of individuals and businesses based on their behavior on related platforms.
