The Chinese government on Monday ordered billionaire Jack Ma to break up his financial services empire, reducing his Ant Group down to its “origins” as a payment services provider. *****5DPPcCEJIQ
— Breitbart News (@BreitbartNews) December 29, 2020
China’s central bank said Alibaba’s fintech affiliate Ant Group is drafting a plan to set up a financial holding firm, and that the company should ensure that all its financial operations are under regulatory supervision.
Ant Group controls a range of financial institutions, including securities and insurance firms, and should set up a financial holding company according to law, the People’s Bank of China said in a statement on Tuesday.