(Reuters) – Jack Ma’s Ant Group Co is planning to fold its financial operations into a holding company that could be regulated more like a bank, Bloomberg News reported https://www.bloomberg.com/news/articles/2020-12-29/ant-considers-holding-company-with-regulation-similar-to-bank-sources-say?sref=Yg3sQEZ2&utm_campaign=socialflow-organic&utm_medium=social&utm_content=business&cmpid=socialflow-twitter-business&utm_source=twitter on Tuesday, citing people familiar with the situation.
The Chinese payment giant is planning to move any unit that would require a financial licence into the holding company, pending regulatory approval, the report said.
In early November, Chinese regulators suspended the Shanghai-Hong Kong dual-listing by fintech giant Ant, just days before what would have been the world’s largest stock market debut.
On Sunday, China’s central bank said it had asked Ant to shake up its lending and other consumer finance operations.
Ant declined to comment when contacted by Reuters.
(Reporting by Maria Ponnezhath in Bengaluru; Editing by Tom Hogue and Stephen Coates)