#BigTech / Ant Group Looks To Create Consumer Finance Platform

… Ant is working on the consumer finance project with Nanyang Commercial Bank, China TransInfo Technology Corp. and Contemporary Amperex Technology Co. The new consumer finance platform would be incorporated in Chongqing, a Chinese megacity.

It would have a registered capital of 8 billion yuan ($1.2 billion)… Under China’s rules, consumer finance companies are allowed to lend out 10 times their capital… In addition, Ant already offers its Alipay payments app and money market funds and provides credit scoring.

… Ant’s move to set up a consumer finance platform can be seen in the wider context of China’s worsening relations with the U.S. Ant Group and other of China’s tech giants – including Tencent and Bytedance – are looking to the home market as U.S. scrutiny of them grows.

Ant has already gotten a range of financial licenses in China covering payments, online banking, insurance and micro lending…

https://www.pymnts.com/news/international/2020/ant-group-looks-to-create-consumer-finance-platform