Good credit = visa to Japan or Luxembourg - China’s latest business and technology news - SupChina

Good credit = visa to Japan or Luxembourg – China’s latest business and technology news

Alibaba’s Ant Financial, the world’s largest third-party payments platform, which runs Alipay and Yu’e Bao, will apply its Sesame Credit scores to fast-track visa applications for individuals deemed “financially reliable,” Caixin reports (paywall). Any of the 100 million users ranked on Sesame Credit with a score of at least 750 for Japan, or 700 for Luxembourg — the scale ranges from 350 to 900 — will be “exempt from the normally required process of submitting bank records when applying through the e-commerce giant’s travel-booking arm for visas.”

The move is the latest of a series of experiments by the payments platform: Ant Financial originally applied a similar exemption for visas to Singapore in 2015, and recently used Sesame Credit’s data to “waive shared bike deposits.” The People’s Bank of China (PBOC), though it handpicked Sesame Credit as one of a few companies to “tentatively open the country’s private-sector personal credit-reporting system,” has been unimpressed by results so far, Caixin reports. “Banks and private lenders are dubious about the reliability of the assessments made by firms like Sesame,” Caixin says, and “[Wan Cunzhi of the PBOC’s Credit Information System Bureau] told Caixin that often the scores are a poor reference for an individual’s actual financial trustworthiness.”

Lucas Niewenhuis

Lucas Niewenhuis is an associate editor at SupChina who helps curate daily news and produce the company's newsletter, app, and website content. Previously, Lucas researched China-Africa relations at the Social Science Research Council and interned at the Council on Foreign Relations in New York. He has studied Chinese language and culture in Shanghai and Beijing, and is a graduate of the University of Michigan.