Ant Group, China’s e-commerce giant Alibaba’s financial technology arm, has organized a work team to rectify its business under the supervision of financial watchdogs, Chen Yulu, vice governor of the People’s Bank of China, the central bank, said at a media conference on Friday. 

The company, which was asked to return to its major services and keep a level playing field by regulators, is busy making time schedules for readjusting its financial business. It is ordered to keep doing business, which should not influence the financial service quality it provides to the public, according to the central bank official.

Financial regulatory bodies will keep in close communication with Ant Group, and more information about the work will be updated in time, Chen added.

Led by the PBOC, financial regulators had a regulatory talk with executives from Ant Group on Dec 26, which required the company to focus on the payment service, improve the transparency of transactions and avoid unfair competition.

A statement on the central bank’s website said that financial regulatory policies in the future will follow the principles of breaking monopolies, as well as correcting and investigating unfair competition and have “zero tolerance” for illegal acts. 

 

Leave a Reply

Your email address will not be published. Required fields are marked *

You May Also Like

Analysis: America is in turmoil and stocks are booming. Is the market broken?

New York (CNN Business)The stock market is not the economy. But rarely has the gap between Wall Street and Main Street felt so wide. The United States is going through its worst race crisis since 1968 following the death of…

EU negotiator kicks off hectic day for final Brexit deal

BRUSSELS — European Union chief negotiator Michel Barnier on Monday set off one of the most intense days in the long-running Brexit trade negotiations with a pre-dawn debriefing of the 27 member states to see if a deal is still…

Offshore gas project near Hainan starts operations

CNOOC: Dongfang 13-2 to meet energy demands of 1m people for 15 years The Dongfang 13-2 gas fields project, China’s largest offshore high-temperature and high-pressure gas fields project, has been put into operation, its operator China National Offshore Oil Corp…

CRISIS IN BELARUSEurasian Fund for Stabilization and Development may provide $500 mln loan to Minsk shortly

MOSCOW, September 21. /TASS/. Moscow expects the Eurasian Fund for Stabilization and Development to provide a $500 mln loan to Belarus shortly, Russian Finance Minister Anton Siluanov said in an interview aired by the Rossiya-24 TV news channel on Monday.…