Ant Group to be investigated by the authorities
Posted On December 25, 2020
The once unbridled fin-techs are facing ever-stronger regulatory pressure by the authorities. Because of concerns that excessive freedom will bring systemic risk to the economy, a team of national regulators including the People’s Bank of China (PBOC), the Insurance and Banking Regulatory Commission, the China Securities and Exchange Commission, and the Foreign Exchange Commission, are planning to “interview” the business operation by Ant Group, known as the financial affiliate of Alibaba. The finance sector is also calling for more comprehensive regulations with regard to microlending and fintech.