Mar
12
Ant Financial Consumer Lending Reaches $95 Billion
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Ant’s outstanding consumer loans outstrip China’s No. 2 bank
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Regulatory tightening is said to slow consumer loan ABS sales
Ant Financial’s consumer lending has reached at least 600 billion yuan ($95 billion) despite the affiliate of Alibaba Group Holding Ltd. facing a tougher environment for securitizing its loans, people familiar with the matter said.
From the start of 2017 until this month, Ant’s consumer lending has doubled via its Huabei and Jiebei units even as the government reduces quotas for new asset-backed securities that can underpin such loans, one of the people said, asking not to be named as the matter is private. The loans can incur annual interest rates as high as 15 percent, although they are normally less than that, another person said…
