The Chinese campaign against the Jack Ma empire, the founder of Alibaba, seems to be over, and regulators in the country have ordered Alibaba's Ant Group to scale back its business.
Chinese regulators ordered the company to return to its assets as a payment provider, with Ant Group starting as Alipay.
Alipay has become china's largest digital payment platform and has expanded to offer investment and savings accounts, as well as lending, insurance and wealth management services.
The People's Bank of China, the country's central bank, said Ant Group is involved in anti-competitive activities and violates regulatory standards, and has been accused of having little legal knowledge and turning a blind eye to compliance requirements.
Pan Gongsheng, deputy governor of the Central Bank of China, described the services as illegal and said the company should accurately correct these activities.
As the British Guardian has noted, these services are the most profitable and fastest growing divisions of the Jack Ma Group.
The Deputy Governor of the Central Bank of China listed all the steps that Ant Group must take in accordance with the orders of Chinese regulators in a statement posted on the bank's official website.
These requirements include prohibiting unfair competition, improving corporate governance, and ensuring that everything you do complies with the law.
As for the company, the British newspaper the Guardian said in a statement that it was moving to form a correction working group to implement those requirements.
"We expand the scope and scope of openness to win-win cooperation, review and correct our work in protecting consumer rights, and improve our business compliance and overall sense of social responsibility," the spokesperson said.
"Ant Group is developing a timely and timely correction plan and schedule and is seeking regulatory guidance in this process.
Last November, Chinese regulators banned Ant Group's IPO on the Hong Kong and Shanghai stock exchanges, which were expected to raise $34 billion.
The authorities have also introduced draft laws to oversee data collection activities for technology companies, along with other rules that they say are aimed at protecting consumers.
Earlier this month, regulators opened an investigation into suspected monopolistic conduct against Alibaba.
Alibaba's founder, Jack Ma, seems to have become a target after he criticized Chinese state-owned banks for offering unnecessary loans at the Shanghai Financial Summit in October.
According to Bloomberg, his companies have been highlighted since then, and executives have even formed a task force to deal with government oversight bodies on a daily basis.
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