China forced Jack Ma's Ant Group to restructure

   China has been forced to broadly restructure Ant Group to make the fintech company act more like a bank.
Ant Group's massive launch of a whopping $ 37 billion (£ 27 billion) market share was deflected by regulators in November over concerns over its financial model.


   The latest move is part of China's broader campaign of repression to dominate its rapidly growing technology platforms.
Ant's affiliate Alibaba was fined a record $ 2.8 billion Friday for monopoly fearsThe overhaul led by the People's Bank of China forced Ant to come under closer scrutiny for regulations and minimum capital requirements.
Ant Group is China's largest payment service provider, with more than 730 million monthly users on digital payment service Alipay.
   Under a "comprehensive and feasible restructuring plan," Ant will also cut off the "unwarranted" link between Alipay and credit card and consumer lending services, the central bank said. .
   The consumer data warehouse is considered by many to be one of the main advantages of the company over its competitors.
Ant has also agreed to set up a personal credit reporting company, which will strengthen the protection of personal information and effectively prevent data misuse.Jack Ma is under a lot of pressureIt is the latest in a series of regulatory moves aimed at the business empire of Jack Ma, who was a former co-founder of Ant Group and Alibaba.
Regulators began to show a growing interest in Ant Group in October, after Mr. Ma criticized the regulators, showing they are holding back innovation.
   Immediately after the speech, Chinese regulators rejected the introduction of market share by Ant Group, the sister company of Alibaba and the largest electronic payment provider in China.
China's Market Regulatory Authority (SAMR) also began looking at Ma's Alibaba e-commerce platform, China's largest e-commerce platform.
   After Friday's $ 2.8 billion fine was announced, Alibaba's share price rose more than 8% as investors believe it signaled the end of the investigation.
   However, Chinese regulators appear ready to take a tougher roadmap towards tech businesses, after taking a relaxed attitude toward the country's tech giants as this industry grows.
Last month, China's State Administration for Market Regulations (SAMR) said it fined 12 companies out of 10 that violated antitrust rules.
   Companies including Tencent, Baidu and Didi Chuxing - are among China's largest tech companies.