Future Finance
Jack Ma’s Ant Group to Plan Consumer Finance Firm
- Ant, Nanyang Commercial Bank to form consumer finance firm
- Push brings technology giant into competitive market
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Jack Ma’s Ant Group is planning to create a new consumer finance company to bolster its market share in the country’s fast growing online lending industry.
Ant is working with Nanyang Commercial Bank Ltd., China TransInfo Technology Corp. and Contemporary Amperex Technology Co. to build a consumer finance platform that will focus on doling out loans to individuals in China, people familiar said, requesting not to be named because the matter is private. The Chongqing incorporated company will have a registered capital of 8 billion yuan ($1.2 billion).