Ant Group has reached a deal with Chinese regulators to restructure its business after its $37 billion IPO was halted late last year.

Ant’s new structure involves placing all its major businesses inside a financial holding company, making China’s largest mobile payments company subject to stricter capital requirements and, in essence, more like a bank than a tech company.

The news was first reported by Bloomberg, citing several sources close to the company.

Ant’s Alipay app has more than 700 million monthly users who use it to swipe to pay, take out loans, insurance and manage their money. Fashion and beauty retailers the world over utilise Alipay in order to reach China’s big spending consumers, wherever they are shopping.

Alibaba’s results on Tuesday showed Ant remained highly profitable in the third quarter of last year, earning an estimated 14.5 billion yuan ($2.24 billion) in profit, before its listing was suspended.