Business: Ant Financial looks to overseas expansion

Ant Financial Services Group, the payment affiliate of Chinese e-commerce giant Alibaba, is close to closing a $3.5 billion debt financing round, US business channel CNBC reported. There has been “huge appetite” for the fundraising round, and it is “close to closing”, a source familiar with the matter told the television network. The debt financing is being done in US dollars, rather than Chinese yuan, and will help Ant Financial continue its overseas expansion.