Ant Group publishes ‘responsible finance rules’ to protect consumers amid heightened scrutiny from Chinese regulators
- The fintech giant, controlled by billionaire Jack Ma, has outlined a blueprint for responsible digital finance
- Move comes as Ant Group prepares for a broad overhaul that would put various units under one financial holding company
Ant Group has published a set of responsible finance rules for its sprawling business, as the fintech giant heeds regulators’ call to enforce consumer protection and stave off systemic risks amid tightened scrutiny.
“To serve as a responsible digital finance platform, and to enhance protection of consumers of financial services … Ant Group has compiled this set of responsible finance principles on digital finance,” it said in a statement. The company added that the scale of its business had grown to a point where it was necessary to reinforce its internal standards and responsibilities on data privacy, consumer protection and vetting of third-party financial partners on its platform.
Ant is an affiliate of Alibaba Group Holding, the owner of this newspaper.
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The world’s largest fintech company said it has already been collaborating with 100 banks, 90 insurance companies, 170 asset management firms. Through its various online platforms it provides finance to over 500 million users, and 30 million small business owners.