Basically Jack said that the banks are working in 'pawnshop mentality', not using the data collected to evaluate loans. With Ant you can get loans in 10 seconds. He also said the global financial regulation is for countries with financial sector, and China's problem is not about regulation, is about there is nothing to regulate.
The new regulation on P2P financing requires Ant to put 30% of the loans with its own money. I can see from Ant's point of view, their loan is super safe (with all the taobao data and AliPay data collected). Ant group will create a financial entity to put its P2P business under banking regulation.
Another interesting thing is that Ant's loans mostly go to TaoBao sellers (small businesses), with their data, which are super safe from their point of view. The problem is that from regulators' point of view, maybe it is not obvious or it is hard to regulate it with one exception.