China’s regulators have ordered the Ant Group to rectify their businesses. It has also said that the group complies with the regulatory requirements. Ant Group is the world’s largest financial technology company. Explain that the investigation on anti-monopoly practices has intensified in the Internet sector in China.
China’s regulators said in a statement on Sunday that China’s Central Bank People’s Bank of China issued summons to the executives of Ant Group on Saturday. They have been ordered to prepare a rectification plan. Also, prepare the implementation timetable of your business including credit, insurance and wealth management services.
The statement said that the Ant Group lacks governance mechanisms, the group has disregarded regulatory compliance requirements and engaged in regulatory arbitration. It was also said that the company has used its position in the market to exclude its rivals and has damaged the rights and interests of consumers.