Ant Group's efforts to obtain a financial holding company license are obstructed by changes in China's regulatory system. the Wall Street Journal reported on Friday. The company has been waiting for restructuring approval for over a year, according to people familiar with the matter. However, the decision is on hold while China sets up a new financial watchdog.
"Senior government officials are still deciding who will lead the new financial-supervision body, which will be built from the current banking and insurance regulator," the report said, adding that they are also considering staffing options. Sources said Ant could "not see any progress until the second half of this year or later."
