Chinese Financial Regulators Order Ant Group To 'Overhaul' Its Business

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Chinese regulators are increasing their pressure on Jack Ma and his powerhouse companies, Ant Group Co. and Alibaba Group Holding Ltd.

What Happened: Reuters and Bloomberg reported today that officials from the People’s Bank of China, the country's central bank met with executives from Ant over the weekend and instructed them to "rectify" how the company does business.

The central bank along with securities regulators are targeting Ant's lending, wealth management and insurance services, pushing the company to stick to its traditional service of facilitating payments. Ant grew out of Alibaba's huge e-commerce operations and its popular Alipay service. Alibaba, which trades in the U.S. as Alibaba Group Holding Ltd – ADR (NYSE: <a …

Full story available on Benzinga.com

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