HONG KONG: China’s central bank has accepted an application by Ant Group to set up a financial holding company, a key step toward finishing a year-long overhaul of Alibaba founder Jack Ma’s fintech business and reviving its stock market debut.
The expected approval by the People’s Bank of China (PBOC) is the latest sign that Ant, a tech giant with financial businesses stretching from payments to wealth management, is poised to emerge from a regulatory crackdown that humbled one of the country’s best-known tycoons.
