• Skip to main content
  • Skip to secondary menu
  • Skip to primary sidebar
  • Skip to footer
  • Articles
  • News
  • Events
  • Advertize
  • Jobs
  • Courses
  • Contact
  • (0)
  • LoginRegister
    • Facebook
    • LinkedIn
    • RSS
      Articles
      News
      Events
      Job Posts
    • Twitter
Datafloq

Datafloq

Data and Technology Insights

  • Categories
    • Big Data
    • Blockchain
    • Cloud
    • Internet Of Things
    • Metaverse
    • Robotics
    • Cybersecurity
    • Startups
    • Strategy
    • Technical
  • Big Data
  • Blockchain
  • Cloud
  • Metaverse
  • Internet Of Things
  • Robotics
  • Cybersecurity
  • Startups
  • Strategy
  • Technical

China’s Ant to become financial holding firm under enforced revamp

Reuters / 1 min read.
April 12, 2021
floq.to/TveMY

BEIJING (Reuters) -China’s Ant Group, the fintech giant whose $37 billion IPO was derailed by risk-wary regulators days before it was due to list in November, will restructure as a financial holding company, the country’s central bank said on Monday.

The overhaul comes two days after e-commerce giant Alibaba Group Holding Ltd, of which Ant is an affiliate, was hit with a $2.75 billion antitrust penalty as China tightens controls on the “platform economy”.

Under terms of the settlement, Ant will restructure as a financial holding company, a move that, along with other restrictions announced on Monday, is expected to curb its profitability and valuation.

“Ant Group attaches great importance to the seriousness of the rectification,” the company said in a statement, adding it planned to set up a personal credit reporting business and to fold its two flagship lending businesses into its consumer finance company.

The People’s Bank of China said that under a “comprehensive and feasible restructuring plan,” Ant would cut the “improper” linkage between payments service AliPay, virtual credit card business Jiebei and consumer loan unit Huabei.

The central bank also asked Ant to break its “monopoly on information and strictly comply with the requirements of credit information business regulation.”

The company, part of the sprawling business empire founded by billionaire Jack Ma, agreed to improve corporate governance and “rectify illegal financial activities in credit, insurance and wealth management”, the central bank said.

The central bank said it had also asked Ant to control its leverage and product risks, and control the liquidity risk of its flagship fund products and to “actively lower” the size of its massive Yu’eBao money market fund.

The measures “set an example” for financial regulation of the platform economy”, the state-backed Economic Daily newspaper said in a Monday commentary.

(Reporting by Tony Munroe, Cheng Leng and Stella Qiu. Editing by Jason Neely and Mark Potter)

Categories: News
Tags: BI, information, news

About Reuters

Primary Sidebar

E-mail Newsletter

Sign up to receive email updates daily and to hear what's going on with us!

Publish
AN Article
Submit
a press release
List
AN Event
Create
A Job Post

Jobs

  • Software Engineer | South Yorkshire, GB - February 07, 2023
  • Software Engineer with C# .net Investment House | London, GB - February 07, 2023
  • Senior Java Developer | London, GB - February 07, 2023
  • Software Engineer – Growing Digital Media Company | London, GB - February 07, 2023
  • LBG Returners – Senior Data Analyst | Chester Moor, GB - February 07, 2023
More Jobs
Host your website with Managed WordPress for $1.00/mo with GoDaddy!

Tags

AI Amazon analysis analytics app application Artificial Intelligence BI Big Data business China Cloud Companies company costs crypto customers Data design development digital environment experience future Google+ government industry information learning machine learning market mobile Musk news Other public research security services share social social media software strategy technology

News

  • Robinhood sees $100 million costs tied to regulatory issues in third quarter
  • Elon Musk’s X Corp in another legal fight over unpaid rent, this time as plaintiff
  • EU examines Nvidia-dominated AI chip market’s abuses – Bloomberg News
  • Valkyrie Funds halts ethereum purchases for exchange-traded fund
  • China’s Huawei sets up commodities hedging team in Singapore, Hong Kong
More News

Related Online Courses

  • Oracle Cloud Data Management Foundations Workshop
  • Data Science at Scale
  • Statistics with Python
More courses

Footer


Datafloq is the one-stop source for big data, blockchain and artificial intelligence. We offer information, insights and opportunities to drive innovation with emerging technologies.

  • Facebook
  • LinkedIn
  • RSS
  • Twitter

Recent

  • 5 Reasons Why Modern Data Integration Gives You a Competitive Advantage
  • 5 Most Common Database Structures for Small Businesses
  • 6 Ways to Reduce IT Costs Through Observability
  • How is Big Data Analytics Used in Business? These 5 Use Cases Share Valuable Insights
  • How Realistic Are Self-Driving Cars?

Search

Tags

AI Amazon analysis analytics app application Artificial Intelligence BI Big Data business China Cloud Companies company costs crypto customers Data design development digital environment experience future Google+ government industry information learning machine learning market mobile Musk news Other public research security services share social social media software strategy technology

Copyright © 2023 Datafloq
HTML Sitemap| Privacy| Terms| Cookies

  • Facebook
  • Twitter
  • LinkedIn
  • WhatsApp

In order to optimize the website and to continuously improve Datafloq, we use cookies. For more information click here.

Dear visitor,
Thank you for visiting Datafloq. If you find our content interesting, please subscribe to our weekly newsletter:

Did you know that you can publish job posts for free on Datafloq? You can start immediately and find the best candidates for free! Click here to get started.

Not Now Subscribe

Thanks for visiting Datafloq
If you enjoyed our content on emerging technologies, why not subscribe to our weekly newsletter to receive the latest news straight into your mailbox?

Subscribe

No thanks

Privacy Overview

This website uses cookies so that we can provide you with the best user experience possible. Cookie information is stored in your browser and performs functions such as recognising you when you return to our website and helping our team to understand which sections of the website you find most interesting and useful.

Necessary Cookies

Strictly Necessary Cookie should be enabled at all times so that we can save your preferences for cookie settings.

If you disable this cookie, we will not be able to save your preferences. This means that every time you visit this website you will need to enable or disable cookies again.

Marketing cookies

This website uses Google Analytics to collect anonymous information such as the number of visitors to the site, and the most popular pages.

Keeping this cookie enabled helps us to improve our website.

Please enable Strictly Necessary Cookies first so that we can save your preferences!