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Sammuela
2021-02-08

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Ant Group’s potential move to restructure is a ‘step in right direction,’ research firm IDC says

KEY POINTS Ant has yet to comment on the matter but media reports said the proposed restructuring i

Ant Group’s potential move to restructure is a ‘step in right direction,’ research firm IDC says

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And most important , there would be questions around what exactly can Ant do moving forward,” he added, noting it will be “a long path to the ideal” but it will be a “step in the right direction.”\nAnt Group — an affiliate of China’s e-commerce giantAlibabaand was founded by Jack Ma — runs the popular mobile payments app Alipay in the country.\nOver the years, Ant has expanded into areas such as lending and wealth management. Regulators are concerned the company poses a systemic risk to the economy, and halted its $35 billion initial public offering last year— which would have been the world’s largest.\nThe reported overhaul is expected to subject Ant Group to stricter capital requirements, making it more like a bank than a technology company.\nThe move comes as the Chinese government intensifies efforts to increase supervision of China’s fast evolving fintech sector amid growing concerns over the pricing power that these large tech giants have over consumers.\n“It is a concern also acknowledged by Ant Group as well,” noted Araneta. “And there will be expectations and more clarity coming from the regulator about what can or cannot be done by these powerhouses in the platform world of technology.”\nHe said another critical factor surrounding regulation in China is over how much power these big tech firms would have on the market with regards to data privacy.\n“If you look at the one billion customers that they do have a lot of data on, what can they do with that kind of data? That is going to be a question moving forward, especially around data privacy,” he said. “And that’s something that Ant Group will be well-prepared to resolve as well.”","news_type":1},"isVote":1,"tweetType":1,"viewCount":47,"commentLimit":10,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"symbols":[],"verified":2,"subType":0,"readableState":1,"langContent":"EN","currentLanguage":"EN","warmUpFlag":false,"orderFlag":false,"shareable":true,"causeOfNotShareable":"","featuresForAnalytics":[],"commentAndTweetFlag":false,"andRepostAutoSelectedFlag":false,"upFlag":false,"length":4,"xxTargetLangEnum":"ORIG"},"commentList":[],"hasMoreComment":false,"orderType":2}