[maest]

> assets of 3B lends out 300B

My understanding is that the loans don't go on Ant's books, they just sell them on. In that case, Ant's assets are irrelevant, since they're not the ones taking any risk and, thus, don't have to cover for the losses.

[thedudeabides5]

Even if they are just “warehousing” the credit this would be false, as they need to hold some of those assets on balance sheet while they try to sell them.

This balance sheet is indeed what regulators would require them to hold capital/reserves against.

Further, what’s the documentation that they “just sell them on” end if they do, why wouldn’t their balance sheet shrink??

[maest]

It's not clear what the 300B figure actually is. The OP doesn't mention it and the GP's link isn't explicit.

I can't find a clear source, but it looks to me that 300B is total loans issued, not what Ant currently has on their balance sheet.

> Even if they are just “warehousing” the credit this would be false, as they need to hold some of those assets on balance sheet while they try to sell them.

Yes, they would have to hold _some_ capital reserves, but that number should be based off of whatever they have on their balance sheet at any given time, not off of the total loans issued number.

[thedudeabides5]

https://www.applicoinc.com/blog/ant-financial-services-platf...

Says they have a $250bn mutual fund.

Sorry but even if it's a liability (in this case the deposit that ends up in the money market fund) that's technically...on balance sheet. You can pretend it's in a WMP, or a NCD or whatever alphabet soup you want, but if someone thinks of it as an "Ant deposit"...that's on balance sheet.