China’s banking and insurance coverage regulator stated Thursday that it had authorised Ant Group’s software to arrange a consumer-finance firm, the primary regulatory milestone within the fintech big’s restructuring of its business.
Ant will maintain a 50% stake within the new entity, registered within the southwestern municipality of Chongqing, with the remaining held by six different shareholders. The corporate, Chongqing Ant Shopper Finance Co., is licensed to conduct shopper lending and different operations.
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