Chinese regulators have recently focused on overhauling the Internet finance industry. China’s central bank said Friday that Ant Group has set up a working group to rectify the situation under the guidance of the financial authority.
Chen Yulu, deputy governor of the central bank, said at a press conference the same day that Ant Group is pressing ahead with a timetable for rectification, while maintaining business continuity and normal operations of the business.
Chinese regulators also put forward five major rectification requirements for Ant Group, including returning to its payment roots, improving transaction transparency, strictly prohibiting unfair competition, operating its personal credit business legally and compliantly, and protecting the privacy of personal data, among others.
Alibaba co-founder Jack Ma publicly criticized China’s financial regulatory system last year, and the planned IPO of Alibaba’s Ant Group was subsequently called off. Some commentators believe the incident reflects Beijing authorities’ belief that these fintech companies threaten China’s economic and even political stability.
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