The future of Ant Group remains up in the air after its dramatic fall from grace. Regulators seem to have stopped short of dismantling it and the company is considering a transition to a financial holding company, willing to be regulated like a bank. It'll be tough. What could Ant ultimately look like?

Bank-like companies don't command tech-like valuations. Unless, of course, you're in the booming consumer finance market in China, which is expected to hit 3 trillion yuan ($US464 billion) in volumes over the next four years. That's where credit demand is – and that's where Ant's reach is. More importantly, state planners are trying to generate domestic demand and supply, keeping with their so-called dual circulation strategy. For that to work, credit will have to flow to households effectively.

Bloomberg