When was Ant Consumer Finance Company approved to start business?

The reporter learned from the China Banking Regulatory Commission on June 3 that Ant Consumer Finance Company was allowed to start business on June 3. The relevant person in charge of the non-banking department of the China Banking Regulatory Commission said that Ant Consumer Finance Company was approved by the China Banking Regulatory Commission on September 14, 2020, and completed the preparatory work within the statutory preparatory period. After legal examination, it met the requirements for opening business and was approved to open business on June 3.

The person in charge said that ant consumer finance company, as a licensed financial institution, must accept supervision according to law and strictly abide by relevant regulatory provisions. According to the rectification plan, Ant Group will complete the brand rectification of "Flower Bai" and "Borrowing Bai" within six months after the opening of Ant Consumer Finance Company.

After the rectification is completed, "Flower Garden" and "Borrowing Garden" will become the exclusive consumer credit products of Ant Consumer Finance Company, and the consumer credit issued by other financial institutions with the help of data information provided by Ant Group will no longer be labeled as "Flower Garden" and "Borrowing Garden".

Benefits of Ant Consumer Finance Companies Accepting Supervision according to Law

As a licensed financial institution, Ant Consumer Finance Company must accept supervision according to law and strictly abide by relevant regulations. This is really good for the people:

First, on the asset side, Ant Consumer Finance will strictly disclose the basic information such as loan subject, loan conditions, actual annual interest rate, annualized comprehensive capital cost, debt service, overdue collection, consultation and complaint channels, breach of contract liability, etc., to protect customers' right to know and choose independently.

Second, "Flower Bai" and "Borrowing Bai" will become the exclusive consumer credit products of Ant Consumer Finance Company, and the consumer credit issued by other financial institutions with the help of data information provided by Ant Group will no longer be labeled as "Flower Bai" and "Borrowing Bai". The CBRC requires Ant Group to take effective measures to ensure that financial consumers can fully understand the names of credit service providers when applying for consumer credit services and avoid brand confusion.

Refer to the above? Phoenix Net-Ant Consumer Finance was approved for opening, and 14 senior management team appeared.