Ant Group to be financial holding firm in overhaul forced by China

Jack Ma's firm to fold all financial operations into holdco

China told Ant Group to become a financial holding company that will be regulated more like a bank, directing an overhaul that was set in motion when the fintech giant’s record initial public offering was abruptly halted last year.
 
At a meeting on Monday, the central bank ordered Ant to rectify its business in five areas, including eliminating unfair competition in its payments business, managing liquidity risks in its major fund products, ending a monopoly on information and improving corporate governance, according to a government statement. It also told the firm to cut the outstanding value of its money-market