Ant begins to shrink smartphone loans as Beijing cracks down

Alibaba affiliate must fund 30% of outstanding credit extended, now at $330bn

20210424 Ant Group

Ant was valued at $280 billion before its IPO was scuttled last year. © Reuters

YUSHO CHO, Nikkei staff writer

SHANGHAI -- Ant Group has begun to downsize its once-thriving consumer loan business in a sharp turnaround for a company that a year ago was being lauded for revolutionizing finance.

The Chinese lender accepts applications from borrowers via smartphones, has partner banks provide the financing, then takes a commission.

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