Ant Group hit with €900m fine by Chinese regulators

The fintech, which was founded by Jack Ma, received the fine from the People’s Bank of China

  • July 7, 2023
Jack Ma, who founded Ant, said in January that he was giving up control of the fintech. Picture: Getty

Chinese regulators said they have fined Ant Group 7.123 billion yuan (€900 million), claiming the financial technology provider violated laws related to corporate governance and consumer rights.

The People’s Bank of China imposed the fine on Friday. In a statement, Ant Group said: “We will comply with the terms of the penalty in all earnestness and sincerity and continue to further enhance our compliance governance.”

According to the Bank of China, Ant violated laws and ...