The People's Bank of China said Alibaba Group's fintech affiliate Ant Group is drafting a plan to set up a financial holding firm, and that the company should ensure that all its financial operations are under regulatory supervision, Reuters reports. Ant Group controls a range of financial institutions, including securities and insurance firms, and should set up a financial holding company according to law, the People's Bank of China said in a statement.

Source: The Standard December 29, 2020 11:37 UTC