China lays out ‘rectification’ plan for Jack Ma’s fintech empire Ant

The People’s Bank of China, being the country’s central bank, has summoned Ant Group for regulatory talks.

Described as a whirlwind holiday exercise for the company, reports noted that the plan was to “rectify” its regulatory violations.

The meeting came less than two months after China’s financial authorities abruptly halted what could have been a record-setting initial public offering of Ant.

Reports revealed that the decision was reached over the firm’s regulatory compliance issues.

Concurrently, however, Jack Ma’s e-commerce giant Alibaba is under investigation by China’s top market regulator over alleged monopolistic behavior.