China’s financial watchdog said on Thursday that all internet platforms should conduct self-examination and make rectifications as soon as possible, as Ant Group’s problems are not only unique, but universal.
In particular, institutions involved in online microfinance, insurance, financial management, trust and other businesses must step up, and the regulatory authorities will arrange inspections later, China Banking and Insurance Regulatory Commission (CBIRC) said in a statement on its official website on Thursday.
The statement came as China’s top financial regulatory authorities, including the central bank, jointly interviewed Alibaba Group’s fintech offshoot Ant Group on December 26, in a follow-up to the high-profile antitrust probe into the e-commerce giant. The regulators pinpointed a raft of major problems with the Alipay operator, such as defiance of regulatory and compliance requirements, and urged rectification of its key businesses.
Ant Group said it will set up a rectification work team under the guidance of the regulators to implement the interview’s requirements and regulate operation and development of financial businesses.
Regarding the regulation of corporate governance, CBIRC revealed in the statement that it will organize the first corporate governance regulatory assessment covering all commercial banks and insurance institutions. Comprehensive ratings will be conducted from eight dimensions including Party leadership, shareholder governance, and board governance.
Photo: VCG
