Chinese fintech giant Ant Group has just secured approval for 20 billion yuan (approx. USD$3.04 billion) in asset-backed security (ABS) financing.
Two ABS financing projects for Ant Group’s Huabei (花呗) and Jiebei (借呗) platforms have both obtained approval from regulators, according to a public announcement made via the Shanghai Stock Exchange’s (SSE) Corporate Bond Project Information Platform.
The total value of the approved ABS financing projects is 20 billion yuan.
Three more asset-backed financing plans associated with the Huabei and Jiebei platforms are also currently under review by Chinese regulators, and have a total value of 26 billion yuan.