Ant Financial halts debt backed consumer loans after China’s micro-lending curbs
Jack Ma, billionaire and chairman of Alibaba Group Holding Ltd., wears a shirt with his initials, JMA, embroidered onto its sleeve, during a session on day three of the World Economic Forum (WEF) in Davos, Switzerland, on Friday, Jan. 23, 2015. World leaders, influential executives, bankers and policy makers attend the 45th annual meeting of the World Economic Forum in Davos from Jan. 21-24. Photographer: Chris Ratcliffe/Bloomberg
After selling billions of dollars of debt backed by consumer loans last year, Chinese billionaire Jack Ma’s Ant Financial is pausing such fundraising as the government steps up curbs on micro lending.