Ant Group

The development of the three core components of the platform, including payment processing, insurance selling, and securities trading, has been completed.

The regulators also want to break Ant’s payments and information monopoly after allegations of unfair competition practices.

Those who fail to obey may face business suspension or withdrawal of their licenses.

Preparations for a nationwide rollout of the digital yuan are underway.

Tencent’s WeBank also joins the six state-owned banks in the pilot.

The regulator intends to bring down the leverage ratio of Chinese fintech companies.

Ant Group’s valuation is estimated to fall by more than half after the business overhaul.

Alibaba, Tencent, Baidu, and Meituan have all used variable interest entities to dodge rules on capital activity.