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China's central bank says Ant Group to set up financial holding firm

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Key Points
  • China's central bank said Alibaba's fintech affiliate Ant Group is drafting a plan to set up a financial holding firm.
  • It also said that the company should ensure that all its financial operations are under regulatory supervision.
Jack Ma, founder of Alibaba Group, attends opening ceremony of the 3rd All-China Young Entrepreneurs Summit on September 25, 2020 in Fuzhou, Fujian Province of China.
Lyu Ming | China News Service via Getty Images

China's central bank said Alibaba's fintech affiliate Ant Group is drafting a plan to set up a financial holding firm, and that the company should ensure that all its financial operations are under regulatory supervision.

Ant Group controls a range of financial institutions, including securities and insurance firms, and should set up a financial holding company according to law, the People's Bank of China said in a statement on Tuesday.

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