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Chinese tech giant Ant Group was set to sell shares worth about $34.4bn (£26.5bn) before it was abruptly halted. The listings in Shanghai and Hong Kong would have been the biggest stock market debut to date.

Ant Group is China’s biggest payments provider, with more than 730 million monthly users on its digital payments service Alipay.

The company also has a consumer lending division, which takes fees from banks to match borrowers with lending services.

Source: BBC Technology News

Date: January 29th, 2021

Link: https://www.bbc.com/news/business-55821608

Discussion

  1. The IPO of Ant Group was going to make it the largest “FinTech” company in the world, by far. What is FinTech?
  2. Why do you think China has innovative FinTech companies like Ant Group that are able to disrupt how financial transactions get done, whereas this doesn’t happen in North America?

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