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

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.