The People’s Bank of China (PBOC) has denied reports that it’s processed Ant Group’s application for the establishment of a financial holding company.
Sources from PBOC said to 21st Century Business Herald that it had not yet processed the application. According to the sources PBOC’s licensing requirements dictate that the central bank must make an external announcement upon processing of any application for the establishment of a financial holding company.
Since 2020 China’s financial authorities have pushed for leading finance and tech companies to establish financial holding companies, as part of efforts to expedite regulation and scrutiny of the Chinese fintech sector.
