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The overhaul will transform Ant into a financial holding company and its payments app will be opened up to competitors.

Ant will now effectively be supervised more like a bank, a move with far-reaching implications.. Read more at straitstimes.com.

Message : Required fields (Reuters) - China's Ant Group, the fintech giant whose $37 billion IPO was derailed by regulators days before it was due to list in November, is to restructure as a financial holding company. The overhaul comes just after e-commerce giant Alibaba Group Holding Ltd, of which Ant is an affiliate, was hit with a $2.75 billion antitrust penalty as China tightens controls on the "platform economy". The Alibaba business empire has come under intense scrutiny in China since its billionaire founder Jack Ma's public criticism of the country's regulatory system in October....

By Reuters Staff 5 Min Read April 12 (Reuters) - China’s Ant Group, the fintech giant whose $37 billion IPO was derailed by regulators days before it was due to list in November, is to restructure as a financial holding company. The overhaul comes just after e-commerce giant Alibaba Group Holding Ltd, of which Ant is an affiliate, was hit with a $2.75 billion antitrust penalty as China tightens controls on the “platform economy”. The Alibaba business empire has come under intense scrutiny in China since its billionaire founder Jack Ma’s public criticism of the country’s regulatory s...

Ant will now be supervised more like a bank, a move with far-reaching implications for growth