Monday, 26 October 2020 09:47

China UMS Suspends Consumer Loan Business

As China’s consumer loans shrink at an unprecedented pace after a decade of breakneck expansion, China UMS (银联商务), a provider of nationwide payment services under China UnionPay, has decided to suspend its consumer loan business. With China UMS planning to list on the Shanghai Stock Exchange’s Nasdaq-style STAR market, the move was made in order to adjust the stability of its credit business and enhance its capital valuation.

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