Ant Group to reform business model

SHANGHAI: Ant Group will apply to transform itself into a financial holding company as part of a multifaceted rectification plan that touches on various aspects of the firm’s businesses, including payment and consumer data, a senior Chinese official said on Monday, after top financial regulators summoned the fintech giant for another regulatory talk over its problematic financial business practices.

The People’s Bank of China (PBC) as well as the nation’s banking and insurance regulator, the securities regulator and the foreign exchange regulator summoned Ant Group on Monday, according to a statement posted on the PBC’s website.