Ant Group, Alibaba's fintech arm and China's dominant mobile payments company, plans to set up a consumer finance firm in the southwestern city of Chongqing, expanding its presence in the fast-growing domestic business, two sources told Reuters.
) fintech arm and China’s dominant mobile payments company, plans to set up a consumer finance firm in the southwestern city of Chongqing, expanding its presence in the fast-growing domestic business, two sources told Reuters.
Ant, 33% owned by e-commerce giant Alibaba Group Holding, has already amassed a range of financial licensesincluding payments, online banking, insurance and micro lending to operate in China's vast financial market valued at trillions of dollars. The founders plan to invest a total of about 8 billion yuan in the firm as the registered capital and look to sign the agreement as early as on Friday, the sources added.Nanyang Commercial Bank and TransInfo did not immediately respond to requests for comment.
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