China ends Ant Group’s regulatory revamp with nearly $1 billion fineon July 7, 2023 at 3:16 pm

Chinese authorities announced on Friday a 7.12 billion yuan ($984 million) fine for Ant Group, ending a years-long regulatory overhaul of the fintech company and marking a key step to concluding a crackdown on the country’s internet sector. Ant’s penalty comes at a time when Chinese authorities are keen to boost private sector confidence as the $17 trillion economy struggles to recover despite the lifting of zero-COVID-19 curbs earlier this year.

The post China ends Ant Group’s regulatory revamp with nearly $1 billion fine appeared first on Reuters News Agency.

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