The agreement will make Jack Mas fintech giant subject to capital benchmarks similar to those for banks.
Ant Group Co. and Chinese regulators have agreed on a restructuring plan that will turn Jack Mas fintech giant into a financial holding company, making it subject to capital requirements similar to those for banks.
The plan calls for putting all of Ants businesses into the holding company, including its technology offerings in areas such as blockchain and food delivery, people familiar with the matter said. One of Ants early proposals to regulators hadenvisionedputting only financial operations into the new structure.
An official announcement on the overhaul could come before the start of Chinas Lunar New Year holiday next week…
Read the full article at: https://www.aljazeera.com/economy/2021/2/3/ant-reaches-deal-with-chinese-regulators-on-restructuring-plan