قالب وردپرس درنا توس
Home / Business / China requires ants to return to the origin of payment services

China requires ants to return to the origin of payment services



Ant Group headquarters as a financial technology giant plans to conduct a US$17.5 billion initial public offering in Hong Kong

Photographer: Qilai Shen/Bloomberg

Chinese regulators Ant Group Co., including the company after convening fintech giants on Saturday, returned to its origins as a payment service provider and reformed lending, insurance and wealth management services.

The People̵

7;s Bank of China said in a statement on Sunday that Ant must be aware of the seriousness and necessity of restructuring its business, and put forward plans and timetables as soon as possible. The Hangzhou-based company also needs to establish a financial holding company to ensure the financial adequacy and compliance of connected transactions, while protecting the privacy of personal data in its credit scoring service.

The authorities also criticized Ant, saying that its corporate governance is poor, it disdains regulatory compliance requirements, and participates in regulatory arbitrage. The People’s Bank of China said that ants use their own advantages to exclude competitors, thus harming the interests of consumers.

China began an investigation into Alibaba Group Holdings Ltd.’s alleged monopolistic behavior on Thursday, and convened its affiliate Ant Financial to participate in a high-level meeting on financial regulations to review the double pillar of the billionaire Jack Ma’s Internet sector. The pressure on Jack Ma is essential for greater efforts to contain the increasingly influential Internet sector.

Once known as the driving force of economic prosperity and a symbol of national technological strength, the empire established by Jack Ma “Little horse” Ma Huateng, chairman of Tencent Holdings Co., Ltd., and other tycoons have now received widespread attention because it has attracted hundreds of millions of users and has affected almost every aspect of daily life in China.


Source link