The details for Ant’s overhaul have arrived. Ant Group, the fintech affiliate of Alibaba controlled by Jack Ma, will become a financial holding company that will bring more regulatory scrutiny over how it lends and generates profits, China’s central bank said on Monday. Ant started as an online payments processor for Alibaba marketplaces and has over time blossomed into an empire of payments, lending, wealth management and insurance. Its encroachment onto the existing financial industry had not been particularly welcome in China and a few years ago, the giant began…
