BEIJING (Reuters) – China’s financial regulators on Sunday urged the Ant Group to outline a concrete plan to meet regulatory demands and realize the seriousness of the reform process as soon as possible.
The central bank, banking, securities and foreign exchange regulators have urged the ant to regulate its credit rating business to correct illegal financial activities, including its lending, insurance and asset management businesses, and to protect personal information, People’s Bank of China Pan Gongsheng said a day after meeting with delegates.
Ant said in a statement that it would establish an “reform” working party and fully implement regulatory requirements.
The state-backed economic daily said in a comment that ants should take effective corporate social responsibility, serving the needs of the people and economic development.
Chinese regulators abruptly suspended Antony’s planned જાહેર 3 billion initial public offering last month, just two days before its shares began trading in Shanghai and Hong Kong, the world’s largest.
On Thursday, officials said they have launched an antitrust investigation into the parent Alibaba group and will call Ant, the latest blow to billionaire Jack Mana’s e-commerce and fintech empire.
New demands from the PBOC, China Banking and Insurance Regulatory Commission, China Securities Regulatory Commission and the Foreign Exchange State Administration include that Ant be more transparent about its third-party payment transactions and will not hold unfair competition. Obeys the law, Page said.
China’s annual meeting of the Central Economic Working Conference pledged to pave the way for the economy in 2021, with top leaders and policymakers pledging to intensify antimonopoly efforts this month and curb “disruptive capital expansion.”
Pan said Ant must increase its risk management and maintain the continuity of its services and the normal operation of its business.
During the meeting, regulators focused on issues including Antony’s poor corporate governance, disregard for regulatory demands, illegal regulatory arbitrariness, use of its market advantage to deter competitors and harm the legal interests of consumers.
Reported by Stella QU, Cheng Lang, Yili Sun and Ryan Wu; Edited by William Mallard
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