Ant Financial Halts Credit Rating Service Amid Coronavirus Outbreak

February 8, 2020 5:07 am

Beijing (PingWest)—Ant Financial, the fintech arm of e-commerce giant Alibaba, announced that it has stopped updating the credit rating service on Wednesday, saying many users could miss payments because of the coronavirus outbreak, a reflection of emerging financial pains caused by disease.

Zhima Credit, or Sesame Credit, said in a statement posted on the Alipay app that the decision was made to “better fight the situation and serve its clients.”

The scoring service will resume after the virus is under control and social functions return to normal, it said, without giving a specific time frame. Any missed payments will still be recorded in the system, it added, and the platform will later assess the each client to see whether to lower their scores.