The central bank of China has recently announced that it had asked the Ant Group Corporation to shake up its consumer finance and lending operations. This is a blow to the payment giant’s founder, Jack Ma.
This initiative came after the Chinese regulators suspended Ant’s blockbuster $37 billion public offerings in Hong Kong and Shanghai. The antitrust authorities of China have also introduced a probe into the Alibaba Group.
In fact, the regulators have urged the group to rectify their financial regulatory violations – including insurance, credit, and wealth management businesses.