By:  City AM

April 12, 2021

Ant Group will be restructured as a financial holding company as part of a crackdown by Beijing on billionaire Jack Ma’s Alibaba empire.

China’s central bank today said Ant Group had laid out a “comprehensive and feasible restructuring plan” following pressure from regulators.

The agreement will mean the fintech firm cuts “improper” links between its payment service Alipay, virtual credit card product Jiebei and consumer loan product Huabei, the People’s Bank of China said.