Ant's application for financial holding company accepted

Monday 20 June 2022 12:06 CET | News

China's central bank has accepted Ant Group's application to set up a financial holding company.

The People's Bank of China's (PBOC) expected approval of the plan is a sign that Ant, a tech giant with financial businesses stretching from payments to wealth management, is poised to emerge from a regulatory crackdown.

Although Ant has been working with financial regulators for months on a broad revamp, the central bank's agreeing to review the application signals the company could get its licence soon, according to Reuters.

Aiming to file a preliminary prospectus for the share offering as early as July 2022, Ant is awaiting final feedback from financial regulators, especially the PBOC, on the set-up of the financial holding firm.

Apart from the financial holding company licence, Ant's personal credit-scoring joint venture has applied for a permit, as part of the fintech business revamp.

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Keywords: financial institutions, regulation, banks, payments , spend management
Categories: Payments & Commerce
Companies: Ant Group
Countries: China
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