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Ant Financial Shifts Focus Away From Finance To Tech Amid Beijing Crackdown

“Ant Financial Services Group, the dominant Chinese fintech company, is shifting its main focus to technology services and away from payments and consumer finance as Beijing’s crackdown on financial risk deepens, four sources with knowledge of the matter said. The company, which is controlled by the Chinese billionaire Jack Ma, plans to accelerate the shift within the next few years, the sources said. They said the move was propelled, in part, by growing regulatory pressure on Ant‘s core financial businesses, including payments, micro lending, credit rating and wealth management.”