China's assault on bitcoin is part of a broader struggle to foster innovation while maintaining control, says our columnist.
The Alibaba-affiliated company disclosed the information over the weekend at the Digital China Summit in Fuzhou.
The terms of the restructuring are expected to curb the Alibaba affiliate's profitability and valuation.
Regulators have been clamping down on Ant Group, even cancelling its expected $35 billion twin IPO late last year.
The approved digital banks will be able to start operating from Singapore in early 2022.
Blockchain startup Symbiont has raised an undisclosed sum from Chinese software firm Hundsun Technologies.