Jack Ma's Ant Group gets go-ahead for consumer lending unit in sign of thaw

Chongqing Ant Consumer Finance Co will have registered capital of 8 bn yuan ($1.3 bn), and Ant will hold a 50% stake

China is allowing Jack Ma’s Ant Group Co to start operations at its consumer finance company, the first sign of progress after a regulatory crackdown torpedoed the fintech giant’s record listing.
 
The unit, registered in Chongqing, will be allowed to lend to individuals, issue bonds and borrow from domestic financial institutions, according to a notice from the China Banking and Insurance Regulatory Commission on Thursday.
 
The approval marks an important step in Ant’s overhaul as it transitions to become a financial holding company that will be regulated more like a bank. The new unit will allow Ant to