By Julie Zhu
HONG KONG (Reuters) - Ant Group, Alibaba's <BABA.N> fintech arm and China's dominant mobile payments company, plans to set up a consumer finance firm in the southwestern city of Chongqing, expanding its presence in the fast-growing domestic business, two sources told Reuters.
The move underlines a broader push by Ant and other Chinese tech majors, including Tencent <0700.HK> and Bytedance, to bulk up in financial services closer to home as they battle mounting scrutiny for their technology business overseas and a worsening Sino-U.S. standoff.
Ant, 33% owned by e-commerce giant Alibaba Group Holding, has already amassed a range of financial licenses https://ift.tt/3488LRc including payments, online banking, insurance and micro lending to operate in China's vast financial market valued at trillions of dollars.
Ant plans to team up with Nanyang Commercial ...
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