BEIJING (Reuters) - Ant Group, the fintech affiliate of Alibaba Group Holding Ltd, will restructure as a financial holding company, China's central bank said on Monday, Ant has formed a "comprehensive and feasible restructuring plan," at the urging of financial regulators, the People's Bank of China (PBOC) said.
Under terms of the agreement with the central bank, Ant will cut "improper" linkage between payments service AliPay, virtual credit card product Jiebei and consumer loan product Huabei, the PBOC said.
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