China tests tighter regulations on financial firms including Ant Financial

A customer walks past a sign for Ant Financial Services Group's Alipay, an affiliate of Alibaba Group Holding Ltd., at a Sa Sa International Holdings Ltd. store in Hong Kong, China. Photographer: Anthony Kwan/Bloomberg

China is testing new regulations on five financial holding companies, including e-commerce giant Alibaba’s payment affiliate Ant Financial Service, paving the way for tighter oversight of the fast-growing sector.

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