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Every city in America has a racial and economic dividing line. This is the story of Troost Avenue in Kansas City, and those looking to erase the divide.

A barrier tape outside an Ant Group Co. office building in Shanghai, China.

Jack Ma’s Ant Group Co. is poised to apply for a key financial license as soon as this month, according to people familiar with the matter, a sign that its lengthy overhaul following a squashed 2020 listing is getting closer to satisfying China’s financial regulators.

The People’s Bank of China intends to accept Ant’s application to become a financial holding company once it’s submitted and will then start a review process, which could take months, said the people, asking not to be identified discussing a private matter. Officials will examine Ant’s capital strength and business plans, as well as the compliance of its shareholders and senior management before a final signoff.