Jack Ma's Ant Group to be revamped amid China regulatory push | E-Commerce News

Jack Ma's Ant Group Co. will drastically revamp its business, bowing to demands from Chinese authorities that want to rein in the country's fast-growing Internet giants. Ant will now effectively be supervised more like a bank, a move with far-reaching implications for its growth and ability to press ahead with a landmark initial public offering that the government abruptly delayed late last year. The overhaul outlined by regulators and the company on Monday will see Ant transform itself into a financial holding company, with authorities directing the firm to open its payments app to competitors, increase oversight of how that…