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China fines Jack Ma-backed Ant Group ¥7.12 bil for breaking laws

Penalty for violating payment, settlement, anti-money laundering, fund sales regulations

Updated 3 years ago · Published on 07 Jul 2023 10:04PM

China fines Jack Ma-backed Ant Group ¥7.12 bil for breaking laws
Alibaba owns a 33% stake in Ant Group. – AFP pic, July 7, 2023

ANKARA – The People’s Bank of China today fined Ant Group ¥7.12 billion (RM4.6 billion) for violating laws and regulations in payment, settlement, anti-money laundering, and fund sales businesses, reported Anadolu.

The penalty could end the years-long scrutiny and overhaul of the Jack Ma-funded fintech company that began with the last-minute scrapping of its US$37 billion (RM172 billion) initial public offering in November 2020.

Alibaba owns a 33% stake in Ant Group. – Bernama, July 7, 2023

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