China's Ant to boost capital of consumer finance unit as it rejigs micro-lending

A Chinese customer uses Alipay to make a purchases at a store in Singapore. Alipay operator Ant Group has big plans for Southeast Asia. © AP

China’s Ant Group is in talks with other shareholders in its new consumer finance unit to bolster the firm’s capital as the fintech giant prepares to fold in its lucrative micro-lending businesses, people familiar with the matter said.

It would need additional capital of 30 billion yuan ($4.6 billion) to meet regulatory requirements, said one of the people who has direct knowledge of the plans.

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