Tuesday 18 May 2021
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scmp - 1 month ago

China’s Ant Group to form a financial holding company after regulatory clampdown

Ant Group, controlled by Chinese billionaire Jack Ma, said on Monday it will apply in its entirety to become a regulated financial holding company after China’s top regulators publicly mapped out a blueprint for overhauling the planet’s largest financial technology company. Ant, which operates the ubiquitous mobile payments platform Alipay, will place all of its financial-related activities in a holding company overseen by Beijing-based watchdogs, including its credit origination platform, its…


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