(Yicai Global) Nov. 23 -- Sesame Credit, the credit platform under Alibaba Group Holding Ltd. [NYSE:BABA], will invest CNY1 billion (USD150 million) to push China into an era of credit deposit relief, with many large enterprises indicating they will join the program, Zhima said online yesterday.
Chinese bike sharer Changzhou Youon Public Bicycle System Co. [SHA:603776], online car rental platform CAR Inc. [HKG:0699] and many Alibaba units said online that they plan to join the relief program, which will allow users with high credit scores to use products and services without a deposit.
Sesame Credit has three goals: eliminating deposits, rectifying damage and maintaining positivity, said Hu Tao, general manager. The platform will use its initial investment to promote the disposal of deposits in the coming year.
The company will upgrade its relief program within a year, introducing risk control, insurance, credit, joint rewards and punishments and providing support for businessmen who want to join the program, it said. The first batch of focused industries will included the sharing economy, home rentals, hotels and other areas, China Economic Net reported.