China’s Ant Financial Services Group has managed to get an endorsement to issue consumer credit-backed securities to every institutional investor and the securities are at present in the pricing process, the organization told Reuters this week. The Chinese conglomerate managed this through trials and tribulations over the past couple of years.
Ant Financial said it will make sure it goes in to a process of increasing the capital and take different activities including business cooperation to step by step decrease its leverage proportion to meet all regulatory necessities. Ant Financial is the related affiliate of internet business and e-commerce monster Alibaba Group Holding Ltd. It operates Alipay, the world’s biggest versatile online payment platform, and Yu’e Bao, the world’s biggest money market fund. It also manages the Sesame Credit FICO assessment system, more popularly known as credit rating system. As of September 2017, Ant Financial has also disclosed its new software for facial recognition payment technology through its Alipay services.
Ant Financial is the biggest issuer of consumer loan securities in China, representing 60% of all issues in 2017, as per the Reuters’ report via China Securitisation Analytics. The organization offers different credit products to clients on its Alipay platform. Ant Financial is committed to bringing the world more opportunities, building an innovation-driven open environment, and working with other financial organizations to help the future monetary needs of society.