China-based Ant Group to launch consumer finance company

Tuesday 18 August 2020 12:13 CET | News

Ant Group, Alibaba’s fintech arm and mobile payments company, has planned to set up a consumer finance firm in the southwestern city of Chongqing, according to Reuters.

The move underlines a broader push by Ant and other Chinese tech majors, including Tencent and Bytedance, to bulk up in financial services closer to home as they battle mounting scrutiny for their technology business overseas and a Sino-US standoff. Ant, 33% owned by ecommerce company Alibaba Group Holding, has already amassed a range of financial licenses, including payments, online banking, insurance, and micro lending to operate in China's financial market valued at trillions of dollars.

Ant plans to team up with Nanyang Commercial Bank and Alibaba-backed intelligent transport services firm China TransInfo Technology for the consumer finance business. Ant will hold about a 50% stake, while Nanyang Commercial and TransInfo will own 15% and 10%, respectively, of the new firm. Other co-founders include battery maker Contemporary Amperex Technology. The founders plan to invest a total of about USD 1.2 billion in the firm as the registered capital.

More: Link

Free Headlines in your E-mail

Every day we send out a free e-mail with the most important headlines of the last 24 hours.

Subscribe now

Keywords: China, Ant Group, consumer finance, fintech, mobile payments, tech, Tencent, ByteDance, financial services, ecommerce, Alibaba Group Holding, financial licenses, payments , online banking, insurance, micro lending, Nanyang Commercial Bank, China TransInfo Technology, Contemporary Amperex Technology
Categories: Banking & Fintech
Countries: China
This article is part of category

Banking & Fintech

Industry Events