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China tech

Ant Group receives Chinese approval for consumer finance spinoff

License comes after months of pressure against Jack Ma's fintech company

Ant Group's headquarters in Hangzhou, China: The company has faced increased scrutiny from Chinese regulators since last year.   © Reuters
YUSHO CHO, Nikkei staff writer | China

SHANGHAI -- Chinese regulators gave their approval Thursday to Jack Ma's Ant Group to start operating a consumer finance unit after months of pressure to adopt more comprehensive oversight and obtain necessary licenses.

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