Business
Jack Ma’s Ant Group is becoming a member of a club he despises – Sydney Morning Herald
China’s authorities continue to turn the screws on the empire of outspoken tech tycoon Jack Ma.
Chinas banking system, dominated by the big state-owned banks, is tilted towards big, largely state-owned, borrowers. Ant was able to grow into the boom in unregulated P2P lending to consumers and small businesses and survived a crackdown on that sector in the middle of the last decade to emerge as the dominant player in microfinance.
Its growth was fuelled by partnerships with smaller regional banks. It has more than $US260 billion of loans it has made in partnership with a bank, to which it has…
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