Jack Ma’s Ant Group fined over $1B by Chinese regulators

Chinese regulators are prepared to fine Jack Ma’s Ant Group more than $1 billion, putting an end to the fintech company’s two-year regulatory overhaul.

The People’s Bank of China (PBOC), the regulator preparing the fine, has been driving the makeover at Ant since the Chinese company’s $37 billion IPO was abruptly scrapped in 2020.

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