Ant and Chinese Banks Are Reining In Joint Loans to Consumers

Bloomberg2021-02-04

(Bloomberg) -- Ant Group Co. and at least a dozen banks are paring back their years-long cooperation on consumer lending platforms that fuel the spending of at least 500 million people across China. ...

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Comments

JazzyTizzy
2021-02-08
JazzyTizzy
Yay
kk__soh
2021-02-07
kk__soh
Want buy Ant..
大白兔女生
2021-02-04
大白兔女生
別讓我等太久
PEHPEH
2021-02-04
PEHPEH
Nice
Antchanggg
2021-02-04
Antchanggg
Wow
Petrina
2021-02-04
Petrina
[開心]

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Some lenders in Shanghai have set a timetable for a gradual reduction in joint offerings, while at least one in Shandong has completely suspended ties with the firm, the people said.\nThe moves have taken place in parallel with Ant’s discussions with Chinese authorities on a restructuring plan. Bloomberg reported on Wednesday that Ant has agreed to become a financial holding company, making it subject to capital requirements similar to those for banks.\nConsumer credit has been crucial in driving growth at Ant’s digital finance business, which contributed 63% of the firm’s revenue in the first half of 2020 before the authorities unleashed a barrage of rules to curb the country’s booming financial technology industry. Regulators also want to prevent any one firm from becoming too dominant.\nThe regulators upended a $35 billion initial public offering by Ant Group in November, stunning investors from Shanghai to New York. In a conference call with investors on Tuesday, Alibaba Group Holding Ltd. Chief Executive Officer Daniel Zhang said there is “substantial uncertainty” with Ant’s business and it is difficult to assess the impact of the new regulations. Alibaba owns a third of Ant and both were founded by billionaire Jack Ma.\nAnt declined to comment. The China Banking and Insurance Regulatory Commission didn’t immediately respond to a request seeking comment.\nAmong the hardest-hitting for Ant was the proposal to impose additional capital requirements on microlenders and demand that fintech platforms put up at least 30% of the funding for loans that are jointly offered with banks. 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