An exhibitor staff member introduces Alipay to a visitor during the Alibaba E-Commerce Expo in Sydney, Australia, Aug. 30, 2019. (Xinhua/Bai Xuefei)
BEIJING, June 4 (Xinhua) -- China Banking and Insurance Regulatory Commission (CBIRC)'s Chongqing Office said on Thursday that it has given the nod to the opening of a consumer finance company in southwest China's Chongqing Municipality, the Xinhua-run Shanghai Securities News reported on Thursday.
The new company has a registered capital of 8 billion yuan, with Ant Group, a major financial services technology provider in China, holding 50 percent of the total stocks as the biggest shareholder.
Under the guidance of relevant authorities, Ant Group and all shareholders will work together to meet the financial service needs of consumers, participate in the construction of the financial service system, and continue to improve the quality of financial services and the level of risk prevention and control, according to the report.
Last year, China's regulators have identified major problems in Ant Group's business operations and have urged the company to fix the problems in accordance with supervision requirements. (Edited by Yang Yifan with Xinhua Silk Road, yangyifan@xinhua.org)
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