CHINA — Chinese fintech giant Ant Group has been fined almost $1bn for "illegal acts" by regulators and Chinese rival Tencent has been fined $415m by the country's central bank for "violations".
The fines come amid a crackdown on tech firms in China and its financial business's issues are mostly rectified, said the China Securities Regulatory Commission.
Ant runs Alipay, the world's largest digital payment platform. Reports suggest Alibaba shares rose by 3.44% in Hong Kong following reported fines for Ant, with analysts concluding that the punishments were a sign the crackdown was ending.
Share Your Thoughts