Collin Furtado · · 1 min readChinese regulators order overhaul of Ant Group into a financial holding company
“Chinese regulators asked Ant Group to become a financial holding company that could be regulated more like a bank, offering the first significant guidance on how the financial technology company should overhaul operations after halting its record initial public offering,” reported Bloomberg.
Details:
- Ant was directed by China’s central bank to reform the unfair competition practices of its payments business and to end its information monopoly.
- The company was also asked to cut the outstanding value of its internet fund Yu’ebao.
Context:
- Last December, the People’s Bank of China told Ant to return to its payment roots and to rectify the fintech’s insurance, lending, and wealth management businesses.
- Recently, the State Administration for Market Regulation hit Alibaba with a US$2.8 billion fine after an anti-monopoly probe found that the company has abused its market dominance.
Editing by Eileen C. Ang
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