The country’s central bank is reportedly preparing the fine, which it’s expected to announce in the second quarter of 2023. The forthcoming penalty could signal the wind-down of a years-long regulatory battle for the financial services company. (Reuters)
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The country’s central bank is reportedly preparing the fine, which it’s expected to announce in the second quarter of 2023. The forthcoming penalty could signal the wind-down of a years-long regulatory battle for the financial services company. (Reuters)
Talking point: Ant would be the latest Chinese tech company to pay a fine related to Beijing’s broad regulatory crackdown. In July, ride-hailing firm Didi Global was fined US$1.2 billion for cybersecurity violations and e-commerce giant and Ant affiliate Alibaba was fined a record US$2.51 billion for antitrust infractions. Ant’s fine would likely address its alleged “disorderly expansion of capital” and the financial risks its businesses have caused, a source told Reuters. It could ultimately be a welcome development for the firm, allowing it to become licensed as a financial holding company and move forward with IPO plans, which Chinese regulators halted in 2020 at the last minute.
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