Chinese regulators order Ant Group to rectify its Businesses
Hong Kong, Dec 28th, 2020 (AP): Chinese regulators have ordered Ant Group, the world's largest financial technology company, to rectify its businesses and comply with regulatory requirements amid increased scrutiny of anti-monopoly practices in the country's internet sector.
The People's Bank of China, the country's central bank, summoned Ant executives and ordered them to formulate a rectification plan and an implementation timetable of its business, including its credit, insurance, and wealth management services, the regulators said in a statement.
The statement said Ant Group lacked a sound governance mechanism, defied regulatory compliance requirements and engaged in regulatory arbitrage.
It also said that the company used its market position to exclude rivals and hurt the rig...