In response to the fact that some netizens said that their flower garden quota was reduced to 2,000 yuan or 3,000 yuan, Ant Group replied on December 23 that the flower garden was recently adjusting the quota of some young users and advocating more rational consumption habits.
Flower Garden is a scene-based credit consumption tool launched by Ant Group. When spending, users can use the amount of flower garden and enjoy the shopping experience of "spending first, then paying". The initial application scenarios of Huayuan focused on Taobao and Tmall, and then extended to parking fees, travel, hospitals, restaurants, supermarkets and so on.
On November 2, China Banking and Insurance Regulatory Commission and the Central Bank publicly solicited opinions on the Interim Measures for the Management of Online Small Loan Business, focusing on standardizing the risks and problems existing in online small loan business before.
Guo Wuping, director of the Consumer Protection Bureau of China Banking and Insurance Regulatory Commission, later wrote that compared with licensed financial institutions, financial technology companies rely more on behavioral data such as shopping, trading and logistics, and rely more on borrowers’ consumption and repayment willingness, lacking effective evaluation of repayment ability, which often leads to over-credit, which together with scenario guidance stimulates ahead of consumption, making some low-income people and young people fall into debt traps, ultimately damaging consumers’ rights and interests, and even bringing harm to families and society.
On December 15th, Jing Xiandong, the chairman of Ant Group, said in his first public speech after the suspension of listing, more than one month after the suspension of listing, under the guidance of supervision, Ant Group made every effort to do a good job in the aftermath of the suspension of listing, and compared with the requirements of the regulatory authorities, looked in the mirror, found shortcomings, made a physical examination, actively cooperated with supervision, and further implemented the regulatory requirements.
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