Chinese fintech giant Ant Group, which owns the Alipay payment system, has been fined almost $1 billion, the China Banking and Insurance Regulatory Commission (CBIRC) said on Friday
BEIJING (Pakistan Point News / Sputnik - 07th July, 2023) Chinese fintech giant Ant Group, which owns the Alipay payment system, has been fined almost $1 billion, the China Banking and Insurance Regulatory Commission (CBIRC) said on Friday.
Ant Group was fined 7.12 billion Yuan ($986,000) for violating corporate governance law and financial consumer protection, according to the commission's statement.
Ant Group is China's leading mobile payment company, based in the eastern Chinese city of Hangzhou. Founded by billionaire Jack Ma, the company offers lending, insurance and wealth management services through mobile applications.
In 2020, Ant Group planned to raise about $35 billion through an initial public offering (IPO) on the Hong Kong and Shanghai stock exchanges, which could make it the largest listing ever. However, the plans were thwarted by the intervention of Chinese regulators. The process was suspended after Jack Ma, the CEO of Ant Group's parent company Alibaba, reportedly criticized the actions of the financial regulators.
