Ant Financial eyes credit score system for China

The Series B round values the Alibaba financial affiliate at nearly $60 billion, up from $45 billion a year ago.

Ant Financial Services Group is stepping up efforts to create a credit scoring system that can quickly access the credit history of China's 650 million internet users, according to two people familiar with the company.

With the help of a $3 billion war chest that it soon hopes to amass through a second round of private funding, the Alibaba financial affiliate hopes such a system will facilitate even more online shopping and support earnings by making consumer credit more accessible.

Ant Financial, which is controlled by Alibaba’s chairman Jack Ma, owns Alipay, the Chinese equivalent of PayPal, which has supported Alibaba's marketplaces for more...

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