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Alibaba's fintech arm Ant Group to set up consumer finance firm in China

Alibaba's fintech arm Ant Group to set up consumer finance firm in China

Photographer: AFP/Getty Images

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.