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