Al Mayadeen English

  • Ar
  • Es
  • x
Al Mayadeen English

Slogan

  • News
    • Politics
    • Economy
    • Sports
    • Arts&Culture
    • Health
    • Miscellaneous
    • Technology
    • Environment
  • Articles
    • Opinion
    • Analysis
    • Blog
    • Features
  • Videos
    • NewsFeed
    • Video Features
    • Explainers
    • TV
    • Digital Series
  • Infographs
  • In Pictures
  • • LIVE
News
  • Politics
  • Economy
  • Sports
  • Arts&Culture
  • Health
  • Miscellaneous
  • Technology
  • Environment
Articles
  • Opinion
  • Analysis
  • Blog
  • Features
Videos
  • NewsFeed
  • Video Features
  • Explainers
  • TV
  • Digital Series
Infographs
In Pictures
  • Africa
  • Asia
  • Asia-Pacific
  • Europe
  • Latin America
  • MENA
  • Palestine
  • US & Canada
BREAKING
UKMTO says vessel reported a small craft colliding with it, attempting to collide with other vessels in the area
UKMTO says it received a report of an incident 80NM northwest of jebel Ali, UAE
Israeli Foreign Minister says 'Israel' fully endorses Trump plan for Gaza aid: Reuters
Iranian state media: The fourth round of nuclear talks between Tehran and Washington has kicked off in Oman
Senior Israeli intelligence official: Contacts are underway between Syria and "Israel" to retrieve the body of the spy Eli Cohen
Reuters: US and Chinese officials met again in Geneva to resume trade talks
Al Mayadeen's envoy: The process of uranium enrichment is the main obstacle in the talks
Al Mayadeen's envoy to Muscat, quoting a source in the delegation engaging in the nuclear talks: If we see that the other party deviates from the agreed-upon frameworks, we will not continue the talks
Al Mayadeen's envoy to Muscat, quoting a source in the delegation engaging in the nuclear talks: Iran is ready to reassure all parties that its nuclear program will remain peaceful
Araghchi: Iran's position on its right to a nuclear program is firm, but we are ready for greater transparency and hope that the other side's approach will be clear

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

Most Read

Trump cut off contact with Netanyahu, senior Israeli official says

Trump cut off contact with Netanyahu: Israeli media

  • US & Canada
  • 9 May 2025
Pakistan downs an Indian jet and hits a military base in Kashmir escalation.

Pakistan downs 3 Indian jets, hits military base in Kashmir escalation

  • Politics
  • 7 May 2025
"Israel" appears to be the only place in the world where there are actual demonstrations defending rapists as national heroes precisely because of their crimes. (Al Mayadeen English; Illustrated by Batoul Chamas)

'Israeli pride' - Celebrating rape in the Zionist entity

  • Opinion
  • 4 May 2025
A Yemeni gunman walks past paintings depicting rockets and scenes in solidarity with Gaza, displayed on a roadside fence in Sanaa, Yemen, Monday, May 5, 2025 (AP)

Oman brokers US-Yemen ceasefire, Israelis in dark regarding deal

  • Politics
  • 6 May 2025

Coverage

All
Gaza prevails against genocide

Read Next

All
Lindsay Hoyle kept nearly 300 gifts as Commons Speaker
Politics

300 gifts later, Speaker Hoyle sparks questions on MPs gifts rules

Echoes of nuclear safety in the age of artificial super intelligence
Technology

AI firms urged to calculate catastrophe odds like Oppenheimer

UK Lawyers for Israel under fire over Gaza obesity remarks
Europe

Advocacy group slammed for calling Gaza starvation a fix for obesity

Rep. Bonnie Watson Coleman, D-N.J., speaks with an officer demanding she be let into the ICE Detention office after the arrest of Newark Mayor Ras Baraka, Friday, May 9, 2025, in Newark, N.J. (AP)
Politics

Tensions escalate: DHS may arrest Congress members over ICE incident

Al Mayadeen English

Al Mayadeen is an Arab Independent Media Satellite Channel.

All Rights Reserved

  • x
  • Privacy Policy
  • About Us
  • Contact Us
  • Authors
Android
iOS