China Seeks Overhaul from Ant Group in Its Recent Crackdown

China Seeks Overhaul from Ant Group in Its Recent Crackdown

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.

Source: Reuters