Collapse of its bid for MoneyGram reflects mounting scepticism China's giant data aggregators can secure clients’ privacy. This perception could seriously hinder growth.
According to CEO Eric Jing, the private company wants to reduce the gap between rich and poor – when it comes to access to quality and availability of financial services.
The Hangzhou-headquartered lender has come up with a deal structure for its $1.75 billion IPO pretty much identical to other recently listed banks in Hong Kong.
Ant Financial’s expected IPO a key moment for China’s financial reforms as it shows how fintech is upending the competitive landscape for traditional lenders, both private and state-owned.