Ant revamp spells lessons for S-E Asian fintechs

Crucial for fintechs and regulators in the region to engage early and address risks in cross-selling financial products, say industry observers

Sharanya Pillai

Published Fri, Apr 16, 2021 · 05:50 AM

Ant Group

Singapore

THE forced restructuring of Ant Group emphasises the need for South-east Asian fintechs and regulators to engage early and address risks in cross-selling financial products, industry observers tell The Business Times.

On Monday, China's central bank announced that Ant Group will restructure as a financial holding company and sever the links between e-wallet AliPay and its other businesses. This came after China imposed a record fine of 18.2 billion yuan (S$3.7 billion) on Alibaba following an anti-monopoly investigation.