China is pushing Jack Ma to reduce his financial business

China is pushing Jack Ma to reduce his financial business

The Chinese campaign against the empire of Jack Ma, the founder a company Ali Baba, you are not done yet, it is lost Command Regulators in the country, Alibaba affiliate Ant Group, scaled back business.

Chinese regulators ordered the company to return to its origins as a payment provider, starting Ant Group under the name Alipay.

Alipay has become the largest digital payment platform in China, and has expanded to offer investment and savings accounts, as well as lending, insurance and wealth management services.

Pan Gongsheng, deputy governor of the Chinese Central Bank, described these services as illegalHe said: The company must carefully correct these activities.

As you notice newspaper The Guardian of Britain, these services are the most profitable and fastest growing divisions of the (Jack Ma) group.

The Deputy Governor of the Chinese Central Bank has listed all the steps that Ant Group should take as per the orders of Chinese regulators in a statement posted on the bank’s official website.

These requirements include banning unfair competition, improving corporate governance, and making sure everything you do complies with the law.

As for the company, it told the British newspaper The Guardian in a statement that it is moving towards forming a correction working group in order to implement those requirements.

“We are expanding the scope and size.” Being open to win-win cooperation, reviewing and rectifying our work in protecting consumer rights, and comprehensively improving our business compliance and sense of social responsibility.

He added: Ant Group puts the correction plan and schedule to work in a timely manner and seeks guidance of the organizers in this process.

In November, Chinese regulators banned the Ant Group’s initial public offering on the Hong Kong and Shanghai exchanges, which was expected to raise $ 34 billion.

The authorities have also introduced new draft laws to oversee data collection activities for technology companies, along with other rules they say aim to protect consumers.

And regulators earlier this month opened an investigation into suspected monopolistic behavior against Alibaba.

Alibaba’s founder, Jack Ma, appears to have become a target after he attacked Chinese state-owned banks for making unnecessary loans at the financial summit in Shanghai in October.

According to Bloomberg, his companies have been in the spotlight since then, with even executives forming a task force to deal with government oversight agencies on a daily basis.

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