Jack Ma, the third richest man in China, has been missing for the past two months. Where exactly is Jack Ma, the founder of Alibaba Group, and his whereabouts, questions are being asked around the world. However, the Chinese government has not yet commented on this. The American newspaper Wall Street Journal has published an important news behind the disappearance of Jack Ma.
China’s regulators are trying to get Jack Ma to do something the billionaire has long resisted: share the troves of consumer-credit data collected by his financial-technology behemoth.The Chinese government has been making efforts for this for a long time. However, Ma has refused to give such details. Jack Ma's Ant Group has millions of customer details.
Some analysts of China’s financial-technology sector agree that it is in the public interest to have companies like Ant share consumer-credit data. It is unclear, though, whether regulators would demand access to its entire database, including proprietary information that Ant uses to analyze its customers’ creditworthiness, 'the Wall Street Journal quoted.
China's financial regulator has claimed that the Ant Group is misusing customers' personal details in business. Jack Ma pays interest to people with the help of his Alipay app. Through this, Ma's company benefits as an intermediary. But all the risk has to be borne by the banks. About 500 million people use this app. Jack Ma has all the details about these people's habits, borrowing attitude and loan repayment.