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How China's fragmented bureaucracy works to Ant Group's advantage

It remains to be seen whether the central bank will get its way

| China
Ant Group's lucrative business model, which charges banks a technology service fee for using its platform while keeping up to 40% of the interest payments from borrowers, has also provoked a degree of discontent.   © Reuters

Angela Huyue Zhang is director of the Center for Chinese Law at the University of Hong Kong. She is author of "Chinese Antitrust Exceptionalism: How the Rise of China Challenges Global Regulation." (Oxford University Press, March 2021).

Ever since Ant Group's initial public offering debacle, China's fintech sector has found itself in the crosshairs of regulators.

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