China tightens its grip as it orders overhaul of Jack Ma’s Ant Group - Sydney Morning Herald

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 People’s Bank of China.

Ant Group is the world’s largest financial technology company.Credit:AP.

Ant Group is the world’s largest financial technology company.