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Tag: Chinese regulators

Chinese regulators order Ant Group to rectify its Businesses
CHINA

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 ri...