The operations that Ant is looking to fold into the holding company include wealth management services, consumer lending, insurance, payments and MYbank, an online lender in which Ant is the largest shareholder, the people said. Under the financial holding company structure, Ant’s businesses would likely be subject to more capital restrictions, potentially curbing its ability to lend more and expand at the pace of the last few years. The Japanese company is the largest shareholder in Alibaba Group Holding, a major backer of Ant. The company said in its prospectus in October that it would use its subsidiary Zhejiang Finance Credit Network Technology Co. to apply for the financial holding license. Rules on how financial holding companies could be regulated are still under deliberation.

Source: The Standard December 29, 2020 06:56 UTC