(April 23): China’s government wants Jack Ma’s Ant Group Co. to hand over its data to a state-controlled company to be run by former central bank officials, the Financial Times reported, citing people close to the negotiations.

The newly created credit-scoring entity would serve rival financial institutions, including state lenders, the newspaper reported. Ant has said it wanted to lead the new company to minimize government intervention, the FT said, citing one banker who’s worked with the fintech company.