Alipay owner Ant Financial made plans to refocus the business away from consumer financial services to technology solutions, partly in response to increased regulation impacting its core offerings, Reuters reported.

The news website quoted four anonymous sources who outlined Ant Financial’s new strategy, which will see it drastically reduce its reliance on its largest areas of business including mobile payment giant Alipay.

Ant Financial’s motivation is said to be partly a result of tough new rules imposed in several of its business areas, which it anticipates will increase in severity. Recent examples include transaction limits for some types of mobile payments, new rules for use of customer reserve funds and regulation related to consumer data.

Its current technology solution portfolio includes online risk management tools, cloud computing and fraud protection products – all targeted at businesses. Elements making up this side of the business are estimated to have contributed 34 per cent of company revenue in 2017: its new strategy aims to increase this to 65 per cent within five years.

Meanwhile, the total revenue contribution from mobile payments is tipped to decline from 54 per cent in 2017 to 28 per cent in five years. The remainder of its revenue comes from investments and other financial service products.

The news comes days after Ant Financial reportedly secured $10 billion in a new funding round ahead of an IPO widely expected to take place later this year.