Chinese finch giant Ant Group plans to expand into the consumer finance sector with the launch of a new joint-venture in the central Chinese metropolis of Chongqing.
Ant Group plans to launch a consumer finance in Chongqing with several other parties including Hong Kong’s Nanyang Commercial Bank (南洋商业银行), Beijing fintech firm SureKAM Corporation (北大千方科技) and battery maker Contemporary Amperex Technology (宁德时代).
The new company will have registered capital of 8 billion yuan according to domestic media reports, with sources stating that Ant Group is already recruiting personnel for the consumer finance company via local headhunters
An increasing number of tech companies and other players outside the traditional financial sector in China have been making forays into consumer finance.
These include smartphone maker Xiaomi, which is also launching a consumer finance company in Chongqing.