HONG KONG: Chinese regulators have ordered Ant Group, the world’s largest financial technology company, to rectify its businesses and comply with regulatory requirements amid increased scrutiny of anti-monopoly practices in the country’s Internet sector.
The People’s Bank of China, the country’s central bank, summoned Ant executives on Dec 26 and ordered them to formulate a rectification plan and an implementation timetable of its business, including its credit, insurance and wealth management services, the regulators said in a statement on Dec 27.