Ant Group


Ant Group ordered to restructure as a financial institution

Ant Group ordered to restructure as a financial institution

(ATF) China's central bank has ordered Ant Group to reorganise itself as a financial holding company, in a sweeping crackdown on Jack Ma's Ant Group, the fintech conglomerate that has spent months in the regulatory doghouse.The overhaul – which subjects Ant to tougher regulatory oversight and capital requirements – is …

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China bans micro-lenders from 'fleecing' college students 

China bans micro-lenders from 'fleecing' college students

(ATF) China has banned micro-lending firms such as Jack Ma’s Ant Group from granting consumer loans to college students in a bid to prevent more than 30 million students across the mainland from falling into debt traps.The ban strikes another blow against online micro-lending platforms, including Ant Group’s Huabei and …

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Vanguard pauses push for funds licence in 'crowded' China market 

Vanguard pauses push for funds licence in 'crowded' China market 

American money manager the Vanguard Group has halted plans to launch a mutual-fund business in China.The firm said it was pausing months of preparations to sell its funds to Chinese consumers – despite efforts to seek Beijing’s approval for the business – blaming "crowded" market and marking a shift in …

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Ant Group chief executive quits as regulator scrutiny intensifies

Ant Group chief executive quits as regulator scrutiny intensifies

(ATF) Simon Hu, chief executive of China's Ant Group, has resigned from his role, according to multiple media reports on March 12, as the financial technology giant is being pushed by regulators to overhaul its business after its failed $37 billion initial public offering in Hong Kong.Hu, who became chief …

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China monopoly guidelines keep pressure on Alibaba, Tencent

China monopoly guidelines keep pressure on Alibaba, Tencent

(ATF) China’s market regulators released new anti-monopoly guidelines on Sunday February 7 that target internet platforms, tightening restrictions faced by the country’s tech giants such as Alibaba and Tencent.They also hit online discount retailer Vipshop Holdings Ltd with a 3-million-yuan ($464,000) fine – the biggest to date in a recent …

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Chinese banks return to popularity after crackdown on fintech firms

Chinese banks return to popularity after crackdown on Internet firms

(ATF) Chinese banks, once in danger of being shoved aside by Internet giants, are enjoying newfound popularity as Beijing cracks down on tech companies and their ventures into finance.More traditional financial institutions in the country hope to reclaim lost business, such as consumer loans, from financial technology (fintech) players such …

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Ant IPO could get back on track if it follows the law: PBoC chief

Ant IPO could get back on track if it follows the law: PBoC chief

(ATF) Jack Ma’s Ant Group will be able to resume its planned IPO once it fixes its problems according to the law, China's central bank chief has said.In the meantime, sources said Ant is planning – in the face of severe regulatory pressure – to refashion itself as a financial …

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China's Ant Group said to be selling US eye verification subsidiary

China's Ant Group said to be selling its US eye verification subsidiary

(ATF) China's Ant Group is reportedly planning to sell its US biometric security firm EyeVerify amid growing tensions between Beijing and Washington over China's technology companies and tightening scrutiny over US data.Ant, the financial technology affiliate of Alibaba Group, is in talks with a number of potential US buyers, Reuters …

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Alibaba shares soar after Jack Ma re-emerges

Alibaba shares soar after Jack Ma re-emerges

(ATF) Shares in internet tech giant Alibaba soared on Wednesday after its founder Jack Ma resurfaced after nearly four months, and ended speculation about his well-being.The company's stock shot up 10.5% on Hong Kong, adding HK$600 billion (US$78 billion) to the company's capitalization, after the billionaire appeared in an online …

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Regulators to press Chinese tech giants to share credit data 

Regulators to press Chinese tech giants to share credit data 

China plans to push tech giants including the Ant Group, Tencent and JD.com to share their consumer loan data in an effort to prevent excess borrowing and fraud.The plan, if implemented, would effectively end the government's laissez-faire approach to the industry, sources claim. Up until now, large internet platforms have …

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