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China's central bank says Ant Group to set up financial holding firm

Reuters2020-12-29

BEIJING, Dec 29 (Reuters) - China's central bank said Alibaba's 9988.HK fintech affiliate Ant Group 688688.SS is drafting a plan to set up a financial holding firm, and that the company should ensure that all its financial operations are under regulatory supervision.

Ant Group controls a range of financial institutions, including securities and insurance firms, and should set up a financial holding company according to law, the People's Bank of China said in a statement on Tuesday.

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