China fines Ant Group $984 million

News Snapshot:

Chinese authorities announced on Friday a fine of 7.12 billion yuan ($984 million) for Ant Group for violating laws concerning consumer protection and corporate governance, one of the largest ever fines for an internet company in China. The penalty ends a years-long regulatory overhaul of the fintech company. The People's Bank of China (PBOC), which has been driving the revamp at Ant after its $37-billion IPO was scuttled in late 2020, announced the penalty in a statement published on its website. The penalty will help pave the way for the fintech firm to secure a financial holding company license, seek...