China’s top banking regulator says probe into Ant Group will not undermine its development and isn’t targeting private firms

  • The China Banking and Insurance Regulatory Commission said the investigation into Ant Group does not signal a move against private business
  • The comments are the latest attempt to alleviate concerns over probes targeting Alibaba’s business empire

Che Panin Beijing
“These measures will not impact the development of their normal businesses,” said Liang Tao, vice-president of the China Banking and Insurance Regulatory Commission. Photo: Handout

China’s banking and insurance regulator said on Friday that the investigation into fintech giant Ant Group would not undermine the company’s business development and was not a move against private firms, a reference to increased scrutiny of both Ant and its affiliate Alibaba Group Holding, the owner of the South China Morning Post.

Liang Tao, vice-president of the China Banking and Insurance Regulatory Commission (CBIRC), said at a press conference that investigations by financial regulators into internet platform companies were not aimed at any specific company.

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