Ant Group reaches deal with China regulators on overhaul

Jack Ma’s fintech giant, Ant Group, will be turned into a financial holding company.

(BLOOMBERG): Ant Group Co. and Chinese regulators have agreed on a restructuring plan that will turn Jack Ma’s fintech giant into a financial holding company, making it subject to capital requirements similar to those for banks.

The plan calls for putting all of Ant’s businesses into the holding company, including its technology offerings in areas like blockchain and food delivery, people familiar with the matter said.

One of Ant’s early proposals to regulators had envisioned putting only financial operations into the new structure.