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China's Central Bank Orders Ant Group to Meet Strict Regulatory Guidelines

VOA News

   Regulators with China's central bank have ordered online financial
   services giant Ant Group to restructure its operations to meet
   regulatory guidelines.

   The People's Bank of China said in a statement Sunday that its
   regulators issued the requirements during a meeting with Ant Group
   executives the day before. Vice Governor Pan Gongsheng said the Bank
   outlined a list of problems with Ant Group, including a lack of sound
   governance, a defiance of regulatory demands, using its market
   dominance to squeeze out competitors and harming the rights and
   interests of consumers.