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Alipay Now Covers Apartments

China's next step in fin-tech

Just recently, Alipay has provided a new platform for renting apartments in Beijing, Shanghai, Shenzhen, Hangzhou, Nanjing, Chengdu, and Xi’an. Over a million apartments have been linked up to the platform that has replaced the down payment for an algorithm that tracks and rates people’s creditworthiness.

Prospective tenants and landowners receive massive takeaways from this initiative. Through this, apartment hunters are relieved of the financial burden of paying three month’s worth of rent upfront. Using big data, the service also helps people avoid rental scams and keeps them informed of rate hikes. At the same time, landowners are protected by the embracement of financial technologies and its ability to tackle the credibility problems among the tenants that aren’t evident to start with.

In the recent years, China has spotlighted development in the rental market to provide more affordable urban housing in the ever-changing economic and social conditions. Adopting fin-tech and the ensuing emergence of such an initiative takes this one step further in development and one step closer to China’s goal of establishing a nationwide social credit system by 2020.


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