Ant Group Grabs Approval for Launch of Consumer Finance Company in Chongqing

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China’s banking regulators have given the go-ahead to the launch of a consumer financial vehicle in the central Chinese mega-city of Chongqing by fintech giant Ant Group.

On 17 September the China Banking and Insurance Regulatory Commission (CBIRC) gave its approval to the establishment of Chongqing Ant Consumer Finance Co., Ltd. (重庆蚂蚁消费金融有限公司).

Sources close to Chongqing regulators said to Cailianshe (财联社) said that a ceremony had been held on 20 September to commence preparations for the establishment of new consumer finance company.

Ant Consumer Finance will have registered capital of 8 billion yuan, while Ant Group will make a capital contribution of 4 billion yuan, for 50% of equity.

Other investors include Hong Kong’s Nanyang Com­mer­cial Bank (南洋商业银行), Bei­jing fin­tech firm SureKAM Cor­po­ra­tion (北大千方科技), bat­tery maker Con­tem­po­rary Am­perex Tech­nol­ogy (宁德时代) and China Huarong Asset Management (中国华融).

Domestic reports in August indicated that Ant Group had already commenced the recruitment of per­son­nel for the con­sumer fi­nance com­pany via lo­cal HR firms in Chongqing.

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