China orders Ant Group to rein in unfettered expansion as regulators put up fences around financial risks

//China orders Ant Group to rein in unfettered expansion as regulators put up fences around financial risks

China orders Ant Group to rein in unfettered expansion as regulators put up fences around financial risks

Ant Group, the world’s largest fintech company, has been instructed to rein in the influence of technology on its financial services as China’s financial regulators ring fence the industry to prevent uncontrolled growth in the industry from leading to financial risks.Ant must return to its origins in online payments and prohibit irregular competition, protect customers’ privacy in operating its personal credit rating business, establish a financial holding company to manage its businesses,…

Article by [author-name] (c) South China Morning Post - Read full story here.

By | 2020-12-27T09:06:34+00:00 December 27th, 2020|Technology|Comments Off on China orders Ant Group to rein in unfettered expansion as regulators put up fences around financial risks