Ant Group, which runs China's ubiquitous payment app Alipay, is setting up a consumer finance company in the southwestern city of Chongqing, adding a new heavyweight to the booming consumer finance market, China Daily reports. When operational, it will be the largest consumer finance company of its kind. Under Chinese rules, consumer finance companies are allowed to lend 10 times their capital. "It is worth the effort to obtain a consumer finance license due to its scarcity." Loan balance jumped 30.5 percent year-on-year to 472.3 billion yuan during the same period.

Source: The Standard August 26, 2020 05:03 UTC