Ant plans a holding firm with bank-like regulation: Bloomberg Information By Reuters

© Reuters. FILE PHOTO: The Alipay logo resides in a building of Alipay’s Shanghai office, owned by Ant Group, a Shanghai subsidiary of Chinese e-commerce giant Alibaba

(Reuters) – Jack Ma’s Ant Group Co plans to transform its financial operations into a holding company that could be regulated more like a bank, Bloomberg News reported at https://www.bloomberg.com/news/articles/2020-12 – 29 / ant-considered-holding-with-regulation-similar-as-bank-sources-say? Sref = Yg3sQEZ2 & utm_campaign = socialflow-organic & utm_medium = social & utm_content = business & cmpid = socialflow-twitter-business & utm_source = twitter on Tuesday, referring to familiar people the situation.

The Chinese payment giant plans to move any entity that would require a financial license to the holding company pending regulatory approval, the report said.

In early November, Chinese regulators began double listing fintech giant Ant between Shanghai and Hong Kong, just a few days before the world’s largest stock market debut.

On Sunday, China’s central bank said it had asked Ant to change its lending and other consumer finance operations.

Ant declined to comment when contacted by Reuters.

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