China's Ant Group plans consumer finance firm to push for growth: Report

Ant will hold about a 50 per cent stake, while Nanyang Commercial and TransInfo will own 15 per cent and 10 per cent, respectively, of the new firm

Ant Group, Alibaba's fintech arm and China's dominant mobile payments company, plans to set up a consumer finance firm in the southwestern city of Chongqing, expanding its presence in the fast-growing domestic business, two sources told Reuters.

The move underlines a broader push by Ant and other Chinese tech majors, including Tencent and Bytedance, to bulk up in financial services closer to home as they battle mounting scrutiny for their technology business overseas and a worsening Sino-U.S. standoff.

Ant, 33 per cent owned by e-commerce giant Alibaba Group Holding, has already amassed a range of financial licenses  including payments, online