Regulators had ordered Ant Group to rectify its credit, insurance and wealth management businesses, People's Bank of China vice governor Pan Gongsheng said on Sunday in the latest blow for Jack Ma Yun’s fintech empire. The central bank, together with the securities, banking and foreign exchange watchdogs, summoned Ant executives over the weekend and told them to return to its roots as a payments services provider. Ant Group said it would set out the plan and timetable in a timely manner in a statement on social media. Ma offered to hand over parts of Ant Group to Beijing in a meeting early last month before Ant Group was supposed to go public, The Wall Street Journal reported, citing insiders. That also prompted Ant Group to put on hold the Hong Kong leg of its dual listing.

Source: The Standard December 27, 2020 09:33 UTC