Ant Took Over Consumer Loan Market
- Alipay began consumer lending in 2014. Soon it captured 15% share of China's consumer lending market.
- Initially, it made the loans and then packaged them as securities, sold to other financial institutions. Regulators imposed restriction on the securitization.
- Later, Alipay changed its credit business model. It now identifies and assesses borrowers, but passes them on to banks which extend the loans. Alipay collects a technology service fee.
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