China’s Central Bank Pushes Ant Group Overhaul

The Central Bank of China disclosed on Monday morning it had formally asked the nation’s payments juggernaut Ant Group to shake up its lending and other consumer finance operations, in a move that represents the latest blow to its founder and controlling shareholder Jack Ma.

The Central Bank of China disclosed on Monday morning it had formally asked the nation’s payments juggernaut Ant Group to shake up its lending and other consumer finance operations, in a move that represents the latest blow to its founder and controlling shareholder Jack Ma.

In a statement, the People’s Bank of China Vice Governor Pan Gongsheng said that regulators have urged Ant Group to rectify financial regulatory violations, including in its credit wealth management and insurance businesses, and overhaul its credit rating business to protect personal information.

Pan also pointed out in the statement that Ant Group should also be fully licensed to properly operate its personal credit business, and be more transparent about the company’s third-party payment transactions and refuse to engage in any type of unfair competition.

In a separate statement, Ant Group explained that it would “immediately” establish a “rectification” working group and fully implement and regulatory requirements.


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