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Ant gets approval from China to set up a consumer finance company

Headquarters of Ant Group in Hangzhou, China.


Photo:

Qilai Shen / Bloomberg News

Bank of China and insurance regulators announced Thursday that they have approved Ant Group’s application to establish a consumer finance company.

Ant will hold a 50% stake in the new company registered in southwestern Chongqing, with the rest held by six other shareholders. A company called Chongqing Ant Consumer Finance Co. is licensed to provide consumer lending and other operations.

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Ant gets approval from China to set up a consumer finance company

Source link Ant gets approval from China to set up a consumer finance company

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