Fintech: Ant to be financial holding firm in overhaul forced by China - Bloomberg
Employees are reflected on a glass panel while walking past a logo at the Ant Group Co. headquarters in Hangzhou, China, on Wednesday, March 24, 2021. Chinas government has proposed establishing a joint venture with local technology giants that would oversee the lucrative data they collect from hundreds of millions of consumers, according to people familiar with the matter. Photographer: Qilai Shen/Bloomberg , Bloomberg
Jack Ma’s Ant Group Co. will drastically revamp its business, bowing to demands from Chinese authorities that want to rein in the country’s fast-growing Internet giants.