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

>>REAL-TIME UPDATES IN THE WIRE. CLICK HERE<<<

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 . . .

Sign In or Subscribe To Get Full Access.

Everything you are looking for about China markets is on THE WIRE, with up-to-the-minute reporting on regulatory updates, economic indicators, market trends and company spotlights throughout every trading day.

Random China information is everywhere, but focused and systematic reporting on China market is rare.

TRY US FOR FREE