Beijing has fined Jack Ma’s Ant Group Rmb7.1bn ($984mn) as China’s financial regulators conclude an overhaul of the group almost three years after calling off the fintech giant’s $37bn initial public offering.
The “rectification” campaign for Ant led by China’s central bank has led to outside groups and state-owned companies taking half of its profitable lending business while assets at its flagship money market fund have halved from their peak value. The government has also vied for control over its vast trove of user data.
Tencent’s Tenpay was also fined nearly Rmb3bn, with the payments group accused of “jeopardising the prudent operations of the payment industry”, according to a central bank statement.
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