Ant Wins China’s Approval to Set Up Consumer-Finance Company

Ant Group’s headquarters in Hangzhou, China.



Photo:

Qilai Shen/Bloomberg News

China’s banking and insurance regulator said Thursday that it had approved Ant Group’s application to set up a consumer-finance company, the first regulatory milestone in the fintech giant’s restructuring of its business.

Ant will hold a 50% stake in the new entity, registered in the southwestern municipality of Chongqing, with the rest held by six other shareholders. The company, Chongqing Ant Consumer Finance Co., is licensed to conduct consumer lending and other operations.

Copyright ©2020 Dow Jones & Company, Inc. All Rights Reserved. 87990cbe856818d5eddac44c7b1cdeb8

Latest Posts