Business
China tightens its grip as it orders overhaul of Jack Ma’s Ant Group – Sydney Morning Herald
China has continued its crackdown on its tech giants with regulators ordering big changes for the world’s largest financial technology company.
Chinese regulators have ordered Ant Group, a financial affiliate of e-commerce giant Alibaba Group Holding, to become a financial holding company to ease financial oversight amid stepped up scrutiny of technology firms.
In a meeting on Monday in Beijing, the central bank and other financial regulators also ordered Ant to cease anti-competitive behaviour in its payments business and improve its risk management and corporate governance, according to a statement on the website of the Peoples Bank of…
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