Ant Group's Huabei announced on Wednesday that Huabei will become an exclusive consumer-lending brand under the name Chongqing Ant Consumer Finance.
Recently, some Chinese netizens have found that "Jiebei" within the Alipay app is now "Credit Loan," showing that the services are now explicitly provided by banks.
Recently, a number of users of Huabei, a consumer credit product of Alipay, reported that they have received an upgrade prompt which requires users to agree to allow the company to access their financial credit information.
Huabei and Jiebei, two micro-loaning platforms of Ant Group, have launched a quota management function to advocate rational consumption.
China’s financial technology giant Alibaba’s Ant Financial Service Group Co. cut credit limits for some young users on its digital consumer lending platform Huabei in recent days.