China’s crackdown on the Jack Ma empire is far from over: Chinese regulators have ordered Ma Yun’s Alibaba subsidiary Ant Group to reduce its operations. In particular, they ordered the company to “return to its origins” as a payment provider. Ant Group started as Alipay, which later became China’s largest digital payment platform, but eventually expanded to provide investment and savings accounts, as well as loans, insurance and wealth management services. Pan Gongsheng, deputy governor of the Central Bank of China, called these services “illegal”
In a press release published on the official website of the Bank of China, Gongsheng listed all the steps that Ant Group must take in accordance with the orders of the Chinese regulator. These requirements include prohibiting unfair competition, improving corporate governance and ensuring that everything it does “compliance with legal requirements.”As for the company, it told protector In a statement, it said it would form a “corrective working group” to implement these requirements. The spokesperson explained:
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