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China’s Ant Group Mulling Creation Of New Consumer Loan Unit

PYMNTS

Creation of the new unit would be part of a much larger overhaul of the financial technology company and subject to approval by Chinese authorities, who pulled the plug on the company’s massive initial public offering late last year, according to Bloomberg. Ant Group had $263 billion in outstanding consumer loans as of June 2020.

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BIS Caution On Cryptos Hints Toward Long Fizzle

PYMNTS

News came this week that the Basel Committee has said in a paper that a “prudential” regulatory framework should be constructed by stakeholders — banks included — in a bid to address concerns over risks to the financial system. is planning to create a tech regulator next year, post-Brexit.