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Reuters

China central bank urges Ant Group to set 'rectification' plan swiftly

FILE PHOTO: A thermal imaging camera is seen in front of a logo of Ant Group at the headquarters of Ant Group, an affiliate of Alibaba, in Hangzhou, Zhejiang province, China October 29, 2020. REUTERS/Aly Song/File Photo

China's central bank urged Ant Group on Sunday to outline a concrete plan as soon as possible to meet regulatory demands and fully understand the seriousness of the "rectification" work it needs to perform.

The People's Bank of China also urged Ant to rectify illegal financial activities, including in its credit, insurance and wealth management businesses, Vice Governor Pan Gongsheng said after meeting with representatives of the fintech group.

(Reporting by Stella Qiu, Yilei Sun, Cheng Leng and Ryan Woo; Editing by William Mallard)

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