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.