Alibaba under probe, Ant Group to talk to financial watchdogs


BEIJING: Acting on information, China’s state administration for market regulation has started investigation on Alibaba Group for alleged monopoly conduct including implementing an “exclusive dealing agreement.”

China’s central bank and three financial watchdogs will conduct regulatory talks with Ant Group within the next few days.

The People’s Bank of China, the China Banking and Insurance Regulatory Commission, the China Securities Regulatory Commission, and the State Administration of Foreign Exchange will carry out the talks with the group.

The talks are expected to urge and guide Ant Group to follow market-driven and law-based principles, implement requirements regarding financial supervision, fair competition and protection of consumers’ legitimate rights and interests, and regulate the operation and development of its financial businesses. — Xinhua

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