CHINA’S REGULATORS ASK ANT GROUP: CRAFT RECTIFICATION PLAN
China’s financial regulators urged Ant Group on Sunday to outline a concrete plan as soon as possible to meet regulatory demands and fully understand the seriousness of the “rectification” work it needs to perform.
The central bank, banking, securities and foreign exchange regulators urged Ant to rectify illegal financial activities, including in its credit, insurance and wealth management businesses, and regulate its credit rating business to protect personal information, People’s Bank of China (PBOC) Vice Governor Pan Gongsheng said a day after meeting with representatives of the fintech group. Ant said in a statement it would establish a “rectification” working party and fully implement regulatory requirements.
The state-backed Economic Daily said in a commentary that Ant should serve the people’s needs and economic development, taking effective corporate social responsibility.
Chinese regulators last month abruptly suspended Ant’s planned $37 billion initial public offering, which had been on track to be the world’s largest, just two days before its shares were due to begin trading in Shanghai and Hong Kong. Ant Group says it will establish working party to meet China regulator demands.