蚂蚁金服树大招风，监管压力之下寻求转型

It handled more payments last year than Mastercard , controls the world’s largest money-market fund and has made loans to tens of millions of people. Its online payments platform completed more than $8 trillion of transactions last year—the equivalent of more than twice Germany’s gross domestic product.

阿里巴巴集团(Alibaba Group Holding Ltd., BABA)旗下金融服务关联公司蚂蚁金融服务集团(Ant Financial Services Group, 简称：蚂蚁金服)去年处理的支付交易规模比万事达卡(Mastercard Inc., MA)还要大，控制着全球最大的货币市场基金，向数千万人提供贷款。该公司的在线支付平台去年完成的交易规模超过8万亿美元，相当于德国国内生产总值(GDP)的两倍有余。

Ant Financial Services Group, founded by Chinese billionaire Jack Ma, has become the world’s biggest financial-technology firm, driving innovations that let people use their phones for buying insurance as easily as groceries, enabling millions to go weeks at a time without using physical cash.

由中国亿万富豪马云(Jack Ma)创立的蚂蚁金服已成为全球最大的金融科技公司，并推动多项创新，使人们能够像购买食品杂货一样轻松地用手机买保险，数百万人得以连续几周实现无现金生活。

That success is also putting a target on the company’s back. China, even more than the U.S., is now under pressure to reckon with the disruptive power of a financial-technology giant.

如此一番成就也令蚂蚁金服成为监管目标。中国目前面临应对金融科技巨头颠覆性影响的压力，这种压力甚至比美国面对的情况更为迫切。

China’s banks complain Ant siphons away their deposits, causing them to pay higher interest rates, and is a factor leading them to close branches and ATMs. One commentator at a state-owned television channel described Ant’s huge money-market fund as “a vampire sucking blood from banks.”

中资银行抱怨称，蚂蚁金服吸走其存款，令银行不得不支付更高的利率，这是银行关闭分支机构和自动取款机(ATM)的一个原因。一位官方电视台的评论员将蚂蚁金服规模庞大的货币市场基金比作吸食银行血液的吸血鬼。

Regulators have issued rules requiring large money-market funds to sharply reduce holdings of assets that allow them to pay high interest rates. They have pressured Ant to slow inflows into its giant money fund.

监管机构已经发布规定，要求大型货币市场基金大幅减持会让它们支付高利息的资产。监管机构已向蚂蚁金服施压，要求减缓资金流入其大型货币基金的势头。

The authorities are also weighing whether to designate Ant a financial holding company and require it to meet bank-style capital requirements, people familiar with the matter say. That would likely affect its profits, which last year came to $2 billion, pretax, on roughly $10 billion in revenue.

知情人士表示，有关部门也在考虑，是否将蚂蚁金服定性为金融控股公司，并要求其满足类似银行的资本要求。这有可能影响到蚂蚁金服的利润；去年该公司税前利润达20亿美元，收入约100亿美元。