Wednesday, March 29, 2023

China pushes Alibaba founder Jack Ma to cut back on financial activities

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From China repression Jack Ma’s empire is far from over: regulators across the country have ordered Ant Group, a subsidiary of Alibaba, founded by Ma, to downsize. In particular, they have ordered the company to “go back to its origins” as a payment provider. Ant Group started out as Alipay, which grew to become China’s largest digital payments platform, but eventually expanded to offer investment and savings accounts, as well as loan services. , insurance and wealth management. Pan Gongsheng, vice-governor of the Chinese central bank, called these services are “illegal” and said the company should “strictly rectify” these activities. As The Guardian Note that these services are the most profitable and dynamic divisions of the group.

Gongsheng listed all the steps Ant Group is required to take as directed by Chinese regulators in a statement posted on the bank’s official website. These requirements include banning unfair competition, improving corporate governance, and ensuring that everything it does is “within the law”. As for the company, she said The Guardian in a statement that it would form a “rectification working group” to implement those requirements. A spokesperson explained:


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