Chinese fintech giant Ant Group fined almost $1 billion for 'illegal acts', the country's financial regulators said, adding that a longtime crackdown on tech firms was drawing to a close
The People’s Bank of China has fined Ant Group, which operates the world's largest digital payments platform Alipay, and its affiliates $984 million for "illegal and irregular acts" as the tech crackdown draws to a close.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 $37 billion initial public offering in November 2020.
The penalty"included the confiscation of illegal income", added the statement, which was also carried by the country's central bank. Ant operates Alipay, the world's largest digital payments platform, which boasts hundreds of millions of monthly users in China and beyond. "Now the company has completed the related work on the rectification... In the future, Ant Group will uphold its mission and original aspiration," the company said.
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