Taipei/London CNN —China’s top financial regulators have fined Ant Group — the fintech firm founded by billionaire Jack Ma — about 7.1 billion yuan ($994 million) for breaking rules related to consumer protection and corporate governance.
“We will comply with the terms of the penalty in all earnestness and sincerity and continue to further enhance our compliance governance,” Ant Group said in a statement.
Ant Group is an affiliate of e-commerce giant Alibaba, which was also founded by Ma.
In April 2021, Alibaba was fined 18.2 billion yuan ($2.5 billion) — a record for China — for behaving like a monopoly.
Separately, China’s financial regulators also announced a fine of nearly 3 billion yuan ($415 million) for Tenpay, Tencent’s (TCEHY) online payment platform, according to information posted on the PBOC website on Friday.
Persons:
London CNN —, Jack Ma —, Alibaba, Guo Shuqing, Ma
Organizations:
London CNN, Ant, China Securities Regulatory Commission, People’s Bank of China, National Financial Regulatory Administration, Ma, Communist Party, China, People’s Bank of, Xinhua, Ant Group
Locations:
Taipei, London, China, People’s Bank of China