China planning bigger crackdown on Jack Ma’s fintech empire, sources say

China planning bigger crackdown on Jack Ma’s fintech empire, sources say. Any funding curbs could deal a major blow to Ant.PHOTO: REUTERS.

BEIJING (BLOOMBERG) – The shock suspension of Ant Group’s US$37 billion (S$50.6 billion) initial public offering is just the beginning of a renewed campaign by China to rein in the fintech empire controlled by Jack Ma.

Authorities are now setting their sights on Ant’s biggest source of revenue: its credit platforms that funnel loans from banks and other financial institutions to millions of consumers across China, according to people familiar with the matter.

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