Reuters
Exclusive-China’s central bank accepts Ant’s application for financial holding company – sources
China’s central bank has accepted Ant Group’s application to set up a financial holding company, three people with knowledge of the matter said, a key step in finishing a year-long revamp of Jack Ma’s fintech business and reviving its stock market debut. The People’s Bank of China’s (PBOC) expected approval of the plan 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. The PBOC this month accepted Ant’s application, the sources told Reuters, amid investor hopes that Chinese regulators are easing a crackdown on private enterprises that started in late 2020, as growth slows in the world’s second-largest economy due to COVID-19 curbs.