China’s Ant Group Slapped With Nearly $1 Billion Fine

📆 7/7/2023 4:30 PM
📰 WSJ

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Ant Group was fined close to $1 billion by China’s financial regulators. Regulators said Ant violated laws and regulations when it conducted banking and insurance activities and engaged in payment and settlement businesses in past years.

Ant Group, the financial-technology company associated with billionaire, was fined close to $1 billion by China’s financial regulators, taking the company closer to the end of its long-running business overhaul.

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China ends Ant Group's regulatory revamp with $984 mln fineChinese authorities announced on Friday a fine of 7.12 billion yuan ($984 million) for Ant Group for violating laws concerning consumer protection and corporate governance, one of the largest ever fines for an internet company in China.
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