The moves would mark a crucial development in Ant’s revamp, affirming that the company can maintain its financial operations under the supervision of the central bank. Photo: Bloomberg.
Jack Ma’s Ant Group Co. is poised to apply for a key financial license as soon as this month, according to people familiar with the matter, a sign that its lengthy overhaul following a squashed 2020 listing is getting closer to satisfying China’s financial regulators.
The People’s Bank of China intends to accept Ant’s application to become a financial holding company once it’s submitted and will then start a review process, which could take months, said the people, asking not to be identified discussing a private matter. Officials will examine Ant’s capital strength and business plans, as well as the compliance of its shareholders and senior management before a final signoff.
The moves would mark a crucial development in Ant’s revamp, affirming
First Published: Jun 23 2022 | 01:35 AM IST