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WHILE digital banking seems like an exciting venture, it is a challenging business and there is no certainty that any licence holder will make a profitable venture out of it.
Beijing also plans to further strengthen regulation of fintech, financial holding companiesFintech firms have been a major lending source to small businesses in China
BEIJING (Reuters): Ant Group Co Ltd is considering folding most of its online financial businesses, including consumer lending, into a holding company that would be regulated like traditional financial firms, two people with direct knowledge of the matter said.
BEIJING (Bloomberg): Jack Ma’s under-seige Ant Group is planning to fold its financial operations into a holding company that could be regulated more like a bank, according to people familiar with the situation, potentially crippling the growth of its most-profitable units.
HANGZHOU (AFP): MYbank, a leading online private commercial bank in China with a focus on serving small and micro businesses, on Wednesday (Oct 21) announced a programme to provide RMB400bil (US$60bil) of collateral-free credit to businesses in need as they gear up for this year's 11.11 Global Shopping Festival.
HONG KONG/BEIJING: Ant Group, the Chinese financial technology giant backed by Alibaba Group, gave the public a first look at its financial health on Tuesday when its filed for a dual listing in Hong Kong and Shanghai in what is potentially the world's largest IPO.
Billionaire Jack Ma’s Ant Financial Services Group saw a surge in Chinese banks seeking out its digital technology to keep business flowing after the coronavirus outbreak shuttered branches across the world’s most populous nation.
MYbank keeps business targets despite coronavirus outbreak
SHANGHAI (Reuters) - Alibaba Group Holdings said on Monday its affiliate Ant Financial's MYBank unit would offer 20 billion yuan ($2.86 billion) in loans to companies in China in light of the coronavirus outbreak, with preferential terms for Hubei firms.
SHANGHAI (Xinhua): China's local governments and e-commerce platforms are moving to reduce rents and offer financial support to help small businesses tide over the novel coronavirus outbreak.