NEW YORK: With more than 730 million monthly users in China on its Alipay app and a growing role linking lenders and borrowers, Ant Group had appeared unstoppable as it marched towards the world's largest stock market debut this week., prompting Ant, which was spun out of billionaire Jack Ma's Alibaba Group, to freeze the Hong Kong leg too.
Ant also partners with asset managers, including mutual funds, insurers, banks and securities firms in China to originate investments for Alipay users. Its signature product is Yu’e Bao, which lets people put their spare cash in money-market funds. The first Yu’e Bao fund was once the world’s largest money-market fund.
But while Ant has portrayed itself as a technology company, Chinese regulators place it firmly in the financial sector.
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