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Ant Group plans consumer finance firm

Ant Group plans consumer finance firm

Fintech giant Ant Group is planning to set up a consumer finance company that will offer Chinese people online loans, according to reports.

Ant is working with partners on the venture: it will hold a 50% stake, with Nanyang Commercial Bank holding 15%, China TransInfo Technology 10%, and Contemporary Amperex Technology also taking a slice, says Reuters, citing sources.

Ant is in the process of securing a consumer license for the company, which will be based in the southwestern city of Chongqing and will have about $1.2 billion in registered capital.

Ant already has a huge hold over the Chinese financial services market through businesses such as Alipay, Ant Fortune, Yu'e Bao, Zhao Cai Bao, Ant Micro Loan, Sesame Credit and MYbank.

Last month the company began the process for a dual listing in Hong Kong and Shanghai that would give it a $200 billion valuation.

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