BEIJING: Ant Group, the fintech group controlled by Chinese billionaire Jack Ma, will restructure as a financial holding company in a sweeping overhaul that underscores China's determination to rein in its internet giants.

In a statement, Ant Group said it would do the following:

Apply to set up a financial holding company to ensure its financial-related businesses are fully regulated.

Return its payments business to its roots serving consumers and small companies.

Set up a personal credit reporting company and apply for a personal credit reporting license. It said it will conduct the personal credit reporting business in compliance with relevant laws and regulations, strengthen the protection of personal information, and effectively prevent the abuse of data.

'Jiebei' and 'Huabei', the company's two credit subsidiaries, will be run by its consumer finance company which will be operated in compliance with relevant laws and regulation.

Strengthen consumer rights protection, enhance corporate governance, adhere to fair competition rules, bring related-party transactions into line, strengthen risk prevention and control, create a fair market environment, and further strengthen corporate social responsibility commitments.