CHINA-ECONOMY: CHINESE REGULATORS ARE TIGHTENING CONTROLS ON CHINA'S FINTECH

At a regular press briefing on January 15, People’s Bank of China (PBoC) Deputy Governor Chen Yulu said the Ant Group Co. Ltd. is working on a timetable to overhaul its business while ensuring operations continue. He did not indicate what they need to do to satisfy authorities, but disclosed that regulators are in close contact with a special Ant team that’s drafting plans and a timetable to rectify its operations.  The message underscores China’s determination to rein in billionaire Jack Ma’s sprawling business. 

(Comment: Jack Ma has not been seen since the authorities stopped the Ant Group's IPO in early November 2020.) 






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