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