Ant Group to launch financial holding firm

Ant Group, which offered mobile payment and consumer credit services, will apply to set up a financial holding company to ensure its financial-related businesses are fully regulated following an antitrust probe. The company handling the transactions of Alibaba Group’s e-commerce platforms shall return its payment business to the origin of “serving consumers and small and micro businesses”, according to a notice by Alibaba, which owns a 33 percent stake in Ant.