Ant Group to apply to become financial holding firm - PBOC

Monday, 12. April 2021 12:26

The People's Bank of China said on Monday that Alibaba's affiliate Ant Group will apply to become a financial holding company.

The decision comes following the fintech company's meeting with Chinese regulators, including the PBOC, at which Ant Group was asked to end its information monopoly.

In late 2019, Ant Group was forced to postpone its initial public offering (IPO) plans after the PBOC and other authorities ordered the company to improve regulatory compliance and rectify all business and financial violations. Chinese regulators also reportedly required Ant Group to disclose consumer data, claiming it provided the fintech giant with an unfair competitive advantage. In March, reports claimed the bank wasn't satisfied with the data it had received from the firm by then.

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Breaking the News / NP