Caixin
Jan 03, 2023 08:36 PM
FINANCE

Ant Group’s Lending Unit Gets Approval for $1.5 Billion Capital Boost

Ant Group headquarters in Hangzhou, East China’s Zhejiang province. Photo: VCG
Ant Group headquarters in Hangzhou, East China’s Zhejiang province. Photo: VCG

Ant Group Co. Ltd.’s online lending subsidiary has been given the go-ahead from regulators to boost its registered capital by 10.5 billion yuan ($1.5 billion), marking a key step forward in the fintech giant’s government-driven, year-long revamp.

The China Banking and Insurance Regulatory Commission’s (CBIRC) branch in Chongqing said on Friday that it has approved Chongqing Ant Consumer Finance Co. Ltd. to expand its registered capital to 18.5 billion yuan from 8 billion yuan. Ant Group set up the subsidiary in 2021 to operate its online lending business.

You've accessed an article available only to subscribers
VIEW OPTIONS
Share this article
Open WeChat and scan the QR code
NEWSLETTERS
Get our CX Daily, weekly Must-Read and China Green Bulletin newsletters delivered free to your inbox, bringing you China's top headlines.

We ‘ve added you to our subscriber list.

Manage subscription
PODCAST