China's shoppers turn Jack Ma's Ant Financial into a debt giant
Wed, Oct 18, 2017 - 5:50 AM
A mascot of Ant Financial is seen at its office in Hangzhou, Zhejiang Province, China. The firm says it has built more than 100 risk forecast models and more than 3,000 risk control strategies for lending.
REUTERS FILE PHOTO
THEY'VE made billions of dollars helping sell everything from iPhones to hairdryers on China's burgeoning online shopping platforms. Now, tech giants led by Alibaba Group Holding Ltd's finance affiliate are making money off the loans consumers use to buy those products.