Chinese financial regulators moved to rein in Ant Group Co., the financial-technology giant controlled by billionaire Jack Ma, telling it to switch its focus back to its mainstay payments business and rectify problems in faster-growing areas such as personal lending, insurance and wealth management.
China’s central bank on Sunday criticized Ant for its behavior toward competitors and consumers, and what regulators said was problematic corporate governance. It said the company “despised” complying with regulations and engaged in regulatory arbitrage, without providing specifics.
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