Alibaba's fintech unit Ant Group to become financial holding company after regulatory clampdown

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Ant Group, the fintech unit of the e-commerce giant Alibaba Group, said on Monday it will apply to become a regulated financial holding company after Chinese regulators mapped out a blueprint for overhauling the world's largest financial technology company.

Ant, which operates the ubiquitous mobile payments platform Alipay, said it would place all of its financial-related activities in a holding company overseen by Chinese regulators, including its credit origination platform, its investment technology unit and its budding insurance operations. It will also create a personal credit reporting company and apply for a separate license . . .

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