Nov 24, 2021 05:19 AM

FINANCE

Exclusive: Ant Group Reshuffles Huabei Consumer Loan Business

By Liu Ran and Denise Jia

Huabei contributed 4 billion yuan of revenue to Ant Group in 2020.

Huabei contributed 4 billion yuan of revenue to Ant Group in 2020.

Chinese fintech giant Ant Group Co. Ltd. will begin separating its Huabei (花呗) consumer brand from lending services provided by partners on its platform as it did with sister brand Jiebei (借呗), Caixin learned.

The reshuffle is part of a broader overhaul that Jack Ma-owned Ant Group has undertaken to comply with tightened regulatory requirements for fintech platforms since authorities abruptly halted the company’s $34.5 billion share sale plan a year ago.

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