Ant headquarters in Hangzhou, China. The country’s regulators on Sunday underlined the fintech giant’s failure to meet regulatory requirements and its monopolistic behaviour. Photo: EPA-EFE Ant headquarters in Hangzhou, China. The country’s regulators on Sunday underlined the fintech giant’s failure to meet regulatory requirements and its monopolistic behaviour. Photo: EPA-EFE
Ant headquarters in Hangzhou, China. The country’s regulators on Sunday underlined the fintech giant’s failure to meet regulatory requirements and its monopolistic behaviour. Photo: EPA-EFE
Ant Group
Business /  Companies

China orders Ant Group to rein in unfettered expansion as regulators put up fences around financial risks

  • Ant ignored regulatory requirements, engaged in regulatory arbitrage and squeezed peers by using its market-leading status, says Pan Gongsheng, the deputy governor of China’s central bank
  • Rectification an opportunity for Ant to ‘strengthen the foundation for our business to grow with full compliance’

Topic |   Ant Group
Iris Ouyang
Iris Ouyang

Updated: 11:22pm, 27 Dec, 2020

Why you can trust SCMP
Ant headquarters in Hangzhou, China. The country’s regulators on Sunday underlined the fintech giant’s failure to meet regulatory requirements and its monopolistic behaviour. Photo: EPA-EFE Ant headquarters in Hangzhou, China. The country’s regulators on Sunday underlined the fintech giant’s failure to meet regulatory requirements and its monopolistic behaviour. Photo: EPA-EFE
Ant headquarters in Hangzhou, China. The country’s regulators on Sunday underlined the fintech giant’s failure to meet regulatory requirements and its monopolistic behaviour. Photo: EPA-EFE
READ FULL ARTICLE