×
25 287
Fashion Jobs
ROSS STORES
Store Protection Specialist
Permanent · La Habra
L BRANDS
Asset Protection Officer, Morse rd (2nd Shift 3pm - 11pm)
Permanent · Columbus
BATH & BODY WORKS
sr. Manager, Carrier Strategy
Permanent · Columbus
VICTORIA'S SECRET
Brand Operations Manager-Crystal Mall
Permanent · Waterford
L BRANDS
Asset Protection Officer, Morse Crossing - 3rd Shift (11pm-7am)
Permanent · Columbus
VICTORIA'S SECRET
Brand Operations Manager-Coconut Point
Permanent · Estero
BATH & BODY WORKS
District Manager - Bath & Body Works - North Austin - Austin, tx
Permanent · Waco
VICTORIA'S SECRET
Brand Operations Manager-Valley West
Permanent · West Des Moines
L BRANDS
Asset Protection Officer, Broad st -1st Shift 7am-3pm
Permanent · Reynoldsburg
L BRANDS
Asset Protection Officer, New York City
Permanent · New York
BATH & BODY WORKS
Senior HR Generalist - Home Office
Permanent · Reynoldsburg
VICTORIA'S SECRET
Brand Operations Manager-White Marsh
Permanent · Baltimore
VICTORIA'S SECRET
Asset Protection Investigator, Victoria's Secret (Southland Mall - Hayward, ca)
Permanent · Sacramento
PINK
Brand Operations Manager-Solano
Permanent · Fairfield
VICTORIA'S SECRET
Product Owner
Permanent · Reynoldsburg
ESTÉE LAUDER COMPANIES
Manager, Creative Operations, Creative Content Hub, North America
Permanent · New York
ESTÉE LAUDER
Director, Ecommerce, North America - dr.Jart+
Permanent · New York
JCPENNEY
Product Manager - Site Management Tools & Cms
Permanent · Plano
JCPENNEY
Financial Planning Senior Analyst - Stores Finance
Permanent · Plano
JCPENNEY
Central Investigations, Crisis Response / Remote Monitoring Technician - Asset Protection
Permanent · Plano
FOOT LOCKER
Senior Product Manager (Membership)
Permanent · Chicago
FOOT LOCKER
Security Guard
Permanent · New York
By
Reuters API
Published
Apr 12, 2021
Reading time
2 minutes
Share
Download
Download the article
Print
Click here to print
Text size
aA+ aA-

China's Ant to become financial holding firm under enforced revamp

By
Reuters API
Published
Apr 12, 2021

China's Ant Group, the fintech giant whose $37 billion IPO was derailed by risk-wary regulators days before it was due to list in November, will restructure as a financial holding company, the country's central bank said on Monday.




The overhaul comes two days after e-commerce giant Alibaba Group Holding Ltd, of which Ant is an affiliate, was hit with a $2.75 billion antitrust penalty as China tightens controls on the "platform economy".

Under terms of the settlement, Ant will restructure as a financial holding company, a move that, along with other restrictions announced on Monday, is expected to curb its profitability and valuation.

"Ant Group attaches great importance to the seriousness of the rectification," the company said in a statement, adding it planned to set up a personal credit reporting business and to fold its two flagship lending businesses into its consumer finance company.

The People's Bank of China said that under a "comprehensive and feasible restructuring plan," Ant would cut the "improper" linkage between payments service AliPay, virtual credit card business Jiebei and consumer loan unit Huabei.

The central bank also asked Ant to break its "monopoly on information and strictly comply with the requirements of credit information business regulation."

The company, part of the sprawling business empire founded by billionaire Jack Ma, agreed to improve corporate governance and "rectify illegal financial activities in credit, insurance and wealth management", the central bank said.

The central bank said it had also asked Ant to control its leverage and product risks, and control the liquidity risk of its flagship fund products and to "actively lower" the size of its massive Yu'eBao money market fund.

The measures "set an example" for financial regulation of the platform economy", the state-backed Economic Daily newspaper said in a Monday commentary.
 

© Thomson Reuters 2021 All rights reserved.