Ant Group consumer finance unit in Chongqing wins operating approval

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Ant Group's consumer finance unit has won approval to begin operating in Chongqing city, the local banking watchdog said on Thursday.

FILE PHOTO: A sign of Ant Group is seen during the World Internet Conference in Wuzhen, Zhejiang province, China, Nov. 23, 2020. REUTERS/Aly SongThe unit, Chongqing Ant Consumer Finance Co Ltd, has registered capital of 8 billion yuan , according to a statement from the Chongqing bureau of the China Banking and Insurance Regulatory Commission .Ant made a capital contribution of 4 billion yuan for a 50per cent stake, it said.

Other investors include Nanyang Com­mer­cial Bank, bat­tery maker Con­tem­po­rary Am­perex Tech­nol­ogy and China Huarong Asset Management.

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