Business Standard

Jack Ma's Ant group plans to create a new consumer finance company

Ant is working with Nanyang Commercial Bank Ltd., China TransInfo Technology Corp. and Contemporary Amperex Technology Co. to build a consumer finance platform

Jack Ma, executive chairman of Chinese internet conglomerate Alibaba Group
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The new entity would boost Ant’s lending capacity since consumer finance companies are allowed to lend out 10 times their capital

Bloomberg
Jack Ma’s Ant Group is planning to create a new consumer finance company to bolster its market share in the country’s fast growing online lending industry.
 
Ant is working with Nanyang Commercial Bank Ltd., China TransInfo Technology Corp. and Contemporary Amperex Technology Co. to build a consumer finance platform that will focus on doling out loans to individuals in China, people familiar said, requesting not to be named because the matter is private. The Chongqing incorporated company will have a registered capital of 8 billion yuan ($1.2 billion).
 
China TransInfo Technology jumped as much as 10%, the daily limit, while
Topics : Jack Ma

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First Published: Aug 19 2020 | 2:42 AM IST

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