Ant Financial Takes Step Toward Getting Into Credit Ratings

Ant Financial Services Group, an affiliate of e-commerce giant Alibaba Group Holding Ltd., has taken a step forward in the credit ratings industry, as its credit ratings arm has completed registration with a local branch of the central bank.

The People’s Bank of China’s Hangzhou branch announced (link in Chinese) on Monday that Ant Credit Rating Co. Ltd., an Ant Financial subsidiary set up in March, had completed registration under new regulations that took effect in December.