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Al Mayadeen's correspondent: The Lebanese Army is continuing its investigations and will later announce any information that does not affect the confidentiality of the investigation
Al Mayadeen's correspondent: It has not yet been determined whether the detainees belong to ISIS or another organization
Al Mayadeen's correspondent: Around 10 people of different nationalities, including Lebanese nationals, were detained
Al Mayadeen's correspondent: The Lebanese army arrested a number of people in the Matn area of Mount Lebanon with possession it has not disclosed
Gaza Civil Defense spokesman: We have strong indications that there are martyrs, injuries, and trapped people in the Salah al-Din area
Gaza Civil Defense spokesman: Citizens should avoid Salah al-Din Street because anyone who approaches it is at risk of being directly targeted
Gaza Civil Defense spokesman: Reality is that there is a very limited retreat of the vehicles, with the occupation forces providing cover undeer fire up to Salah al-Din Street
Gaza Civil Defense spokesman: Claims that the Israeli occupation has withdrawn from areas in the neighborhoods of al-Zaytoun, al-Tuffah, and al-Shujaiya are false
Hamas: The two delegations stressed that any negotiations must lead to the achievement of our people's goals and aspirations, foremost among which is ending the war and the complete withdrawal of enemy forces
Hamas: A delegation from the Hamas leadership, led by the head of the leadership council, Mohammad Darwish, met with an Islamic Jihad delegation, headed by its Secretary-General, Ziyad al-Nakhalah

China's Ant Group fined $1b as part of tech sector crackdown

  • By Al Mayadeen English
  • Source: Agencies
  • 7 Jul 2023 19:03
3 Min Read

The China Securities Regulatory Commission (CSRC) claims that "at present, most of the outstanding problems in the financial business of platform enterprises have been rectified".

  • x
  • The Ant Group headquarters in Hangzhou, China’s eastern Zhejiang province in an undated photo (AFP)
    The Ant Group headquarters in Hangzhou, China’s eastern Zhejiang province in an undated photo. (AFP)

China's financial regulators said Friday that fintech giant Ant Group which operates Alipay, the world's largest digital payments platform, has been fined almost $1 billion for "illegal acts".

Ant Group is among the prominent targets of a crackdown on irregularities in the tech sector.

The same day, China fined payment platform Tenpay affiliated with tech titan Tencent almost three billion yuan ($415 million) and confiscated 556 million yuan in illegal income, a filing from the People's Bank of China demonstrated. 

The China Securities Regulatory Commission (CSRC) said in a statement: "In view of the illegal and irregular acts by Ant Group and its affiliates in previous years... (the companies) have been fined 7.123 billion yuan (US $984 million)", adding that the penalty "included the confiscation of illegal income".

Read next: Alibaba reshapes, to split into six units

The CSRC claims that "at present, most of the outstanding problems in the financial business of platform enterprises have been rectified".    

"The work focus of the financial management department has shifted from promoting the centralized rectification of the financial business of platform companies to normalized supervision," it continued.

Runaway debts and chaotic lending

Alibaba shares on Friday were up 3.44% in Hong Kong with analysts claiming that investors saw the consequence as a sign the crackdown was ending.    

Ant released a statement that it would "comply with the terms of the penalty in all earnestness and sincerity and continue to further enhance our compliance governance".    

"Now the company has completed the related work on the rectification... In the future, Ant Group will uphold its mission and original aspiration," it said, adding: "We will continue to pursue innovation with a firm commitment to integrity, and continue to enhance our R&D capabilities to better serve and create greater value for the physical economy, especially for consumers and small businesses". 

Read more: China's tech giant Tencent objects US "notorious" label

The CRSC described the fine as being related to "corporate governance, financial consumer protection, participation in business activities of banking and insurance institutions, payment and settlement business, fulfillment of anti-money laundering obligations, and development of fund sales business".

The Chinese government has been trying to control runaway personal debt and chaotic lending in the private sector.

  • Tenpay
  • AliBaba
  • technology
  • Ant Group
  • China

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