Beijing wants Jack Ma’s Ant to separate its payments, credit scoring and lending businesses, and is diluting it with assorted government investors. But the loan operation looks to get a wider business remit, says mak_robyn
Officials have imposed a sweeping restructuring of Ant since derailing its initial public offering last November. At the parent level, the group, which owns the payments-to-wealth management Alipay app, is being rejigged into a financial holding company subject to tougher regulations. Further down, Ant's online credit business is now in the process of being folded into a recently-approved consumer finance company with other backers.
That would inconvenience Alipay users, accustomed to seamlessly taking out short-term loans with a few taps on a smartphone screen. Nor will Ant be easily able to cross-market more profitable financial services to supplement its low-margin payments business via an integrated app. Most broadly, Beijing officials appear to want to slow the overall growth of household leverage. That looks bad for business.
- In June, Ant’s consumer finance unit won approval to begin operating in Chongqing city. Regulators had asked Ant to fold the two consumer credit businesses into this new firm, which counts Nanyang Commercial Bank, Cathay United Bank and others as investors.
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