Beijing (Reuters)-On Sunday, the Chinese financial regulator urged Ant Group to formulate a specific plan as soon as possible to meet regulatory requirements and fully understand the importance of the “rectification” work it needs to implement.
The deputy governor of the People’s Bank of China, the central bank, banks, securities and foreign exchange regulators urge Ant Corporation to correct its illegal financial activities such as credit, insurance and wealth management businesses, and regulate its credit rating business to protect personal information. Pan Gongsheng said the day after the meeting with representatives of the Fintech Group.
Ant said in a statement that it will set up a “rectification”
The state-supported “Economic Daily” said in its comments that ants should serve the needs of the people and economic development, and bear effective corporate social responsibilities.
Last month, Chinese regulators abruptly suspended Ant’s planned US$37 billion initial public offering, which is expected to become the world’s largest initial public offering, just two days before its shares will begin trading in Shanghai and Hong Kong.
Authorities said on Thursday that they have launched an antitrust investigation against parent company Alibaba Group and will summon ants, which is the latest blow to billionaire Jack Ma’s e-commerce and financial technology empire.
The new requirements of the People’s Bank of China, the Bank of China and the Insurance Regulatory Commission, the China Securities Regulatory Commission and the State Administration of Foreign Exchange also include: Ants are more transparent in their third-party payment transactions, and do not engage in unfair competition, and their financial settings Mr. said that the holding company must abide by the law to ensure sufficient capital.
China’s annual Central Economic Work Conference is a gathering of top leaders and policymakers to plan the economic direction in 2021.
Pan said that ants must strengthen risk management to maintain the continuity of services and the normal operation of the business.
He said that at the meeting, the regulator pointed out the problems of Ant Financial, including its poor corporate governance, contempt for regulatory requirements, illegal regulatory arbitrariness, and use of its market advantage to suppress competitors and harm consumers’ legality. rights and interests.
(Reporting by Qiu Zhiheng, Cheng Leng, Sun Yilei and Wu Yanzu; Editing by William Mallard)