China’s dominance over Jack Ma’s empire is not yet over: The country’s regulators have ordered the Ma-founded Alibaba affiliate Ant Group to curtail its trade. In particular, he has ordered the company to “return to its origin” as a payment provider. Ant Group started as Alipay, becoming China’s largest digital payment platform, although it eventually expanded to offer investment and savings accounts, as well as lending, insurance and wealth management services. The deputy governor of China’s central bank, Pan Gongsheng, called those services “illegal” and said the company should “strictly improve” those activities. As Guardian As mentioned, those services are the group’s most profitable and fastest growing department.
Gongsheng listed all the steps taken by the ant group according to an order given by Chinese regulators in a release on the bank’s official website. Those requirements include preventing unfair competition, improving corporate governance and ensuring that it is “in accordance with the law.” As for the company, it stated Guardian A statement said it would create a “Reform Working Group” to implement those requirements. A spokesperson explained: