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

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 the Ant group of the Alibaba company 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 Chinese Central Bank, 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 banning unfair competition, improving corporate governance and making sure everything you do “complies with the law.” As for the company, she said Watchman In a statement that it will form a “correction working group” to implement these requirements. The spokesperson explained:

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