Ant demands Ant to return to Payment Services Origins


Ant Group Headquarters $ 17.5 Billion Hong Kong IPO as Fintech Joint Plan

Photographer: Qilai Shen / Bloomberg

Chinese regulators implemented a series of requirements Ant Group Co., which includes the company returning to its core of being a payment services provider and revamping debt, insurance and money management services after calling fintech Behemath on Saturday.

Ant should be aware of the seriousness and necessity of restructuring their businesses, and come up with a plan and timetable at the earliest, People’s Bank of China said in a statement on Sunday. He said that the Hangzhou-based firm needed to establish a financial holding company to ascertain the adequacy of capital and compliance in linked transactions to ascertain personal data privacy in its credit-scoring services.

Officials also blamed Ant, who they said was engaged in poor corporate governance, disdain for compliance requirements of regulators, and regulatory arbitration. PBOC stated that Ant used its dominance to outmaneuver rivals, hurting consumers’ interests.

China on Thursday closed an investigation into alleged monopoly practices in Alibaba Group Holding Ltd. and called the affiliated ant in a high-level meeting on financial regulations, furthering the investigation on the twin pillars of billionaire Jack Ma’s Internet domain. Pressure on Ma is central to a broader effort to stop the increasingly influential Internet sector.

Once embodied as the driver of economic prosperity and a symbol of the country’s technical prowess, the empire built by Ma, “Pony” Ma Huateng, chairman of Tencent Holdings Ltd., and other tycoons are now investigating after gathering millions of users and gaining influence on almost every aspect of daily life in China.

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