China is pushing Alibaba founder Jack Ma to reduce his financial business

China Funnel Jack Ma’s empire is far from over: the country’s regulators have ordered Alibaba, the subsidiary of Ant Group he founded, to scale back its business. In particular, they did Command The company „to return to its origins“ as the payment provider. Ant Group started out as Alipay, which has become the largest digital payment platform in China, although it eventually expanded to offer investment and savings accounts, as well as lending, insurance and wealth management services. Pan Gongsheng, Deputy Governor of the Central Bank of China, call These services are „illegal“ and he said the company must „carefully correct“ those activities. Such as Watchman Note that these services are the most profitable and fastest growing divisions of the group.

Gongsheng has listed all steps to be taken by Ant Group as per the orders of Chinese regulators in a statement posted on the bank’s official website. These requirements include prohibiting unfair competition, improving corporate governance, and ensuring that everything you do „complies with the law,“ she said. Watchman In a statement that he will form a „correction working group“ to implement these requirements. A spokesperson explained: