(Yicai Global) July 14 -- Ant Group’s consumer finance unit has announced a high-level management reshuffle, with Jin Xiaolong, chairman of Ant-backed online lender MYbank, replacing Huang Hao as chair of Chongqing Ant Consumer Finance.

The Chongqing office of the China Banking and Insurance Regulatory Commission has already approved Jin’s appointment, the watchdog said in a statement released today. Rules stipulate that Jin should take charge within three months.

Jin joined MYbank in 2017 and became chairman of the internet bank founded by Ant in 2021. Before joining MYbank, he worked at Shenzhen-based Ping An Bank.

Jin will become Ant Consumer Finance’s second chairman since its inception. His predecessor was also once a senior MYbank executive and is currently president of Ant’s digital finance business group.

Chongqing Ant Consumer Finance, which obtained a business operation license in June 2021, aims to take over Jiebei and Huabei, Ant’s consumer-targeted loan business, in accordance with regulatory requirements.

The firm completed an investment expansion in March, with its registered capital rising from CNY8 billion (USD1.1 billion) at the time it was set up to CNY18.5 billion.

On July 7, the People’s Bank of China said a CNY7.1 billion fine had been imposed on Ant for business violations in previous years, marking the completion of the regulators’ rectification measures against the group since July 2020.

Editor: Peter Thomas