Ant Group, which operates cashless payment services under the umbrella of Alibaba Group, the largest online shopping company in China, announced that it will review the organization of the company under the guidance of financial authorities and establish a new financial holding company. Did.
As the Chinese government tightens its squeeze on giant IT companies, it accepts the provision of services under the supervision of financial authorities.
Ant Group, a subsidiary of Alibaba Group, the largest online shopping company in China, has expanded its business rapidly by operating smartphone payment services and providing small-lot loan services to its users.
However, Chinese financial authorities pointed out last December that Ant Group had benefited in a way that violated regulations and called for improvements, including providing services under the supervision of financial authorities.
In response to this, Ant Group announced on the 12th that it will review the organization of the company and establish a new financial holding company and will provide small loans from another company under the supervision of the financial authorities separately from the settlement service. ..
Ant Group was forced to postpone its listing last year after Alibaba founder Jack Ma criticized the financial authorities.
The Chinese government has tightened its squeeze on giant IT companies and fined Alibaba about 300 billion yen for violating antitrust laws on the 10th of this month, but Ant Group was forced to take further action. is.