[xster]

According to https://youtu.be/HnCBbiCetSg?t=569, the S-1 equivalent filing of the IPO showed Ant itself putting up 1.68% of its own money towards its lendings. That's way more leverage than the 8% mandated in Basel III.

[hintymad]

It's also worth mentioning that Ant securitized its loans, creating a CDO-like structure. Pretty risky stuff, per my limited knowledge on finance.