Chinese regulators have asked Jack Ma ’s online financial titan Ant Group to rectify its business module by complying with the country's regulatory requirement. Regulators ordered Ant Group to establish a financial holding company and hold sufficient capital. They also said that Ant Group should return to its payments origins, enhance transparency around transactions and prohibit unfair competition. The company should improve corporate governance and ensuring that it complies with regulatory requirements for its businesses. "The rectification is an opportunity for Ant Group to strengthen the foundation for our business to grow with full compliance, and to continue focusing on innovating for social good and serving small businesses," it added.

Source: Mint December 28, 2020 02:48 UTC