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Jack Ma’s Ant Group Gets Approval to Launch Consumer Finance Company

By Shai Oster
· · Source: The Wall Street Journal

China’s banking authorities approved Jack Ma’s Ant Group’s application to set up a consumer finance company, a major milestone in the restructuring of the massive online financial group after regulators suddenly pulled the plug on its IPO late last year. Ant will control half of the new entity, with six other partners owning the rest. One of the key reasons for the halt of the IPO was worry...

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