Ant Group Hit With $984 Million Fine as Years-Long Overhaul Wraps Up

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The announcement of the fine will allow Ant Group to properly deal with its list of outstanding issues, particularly whether it will revive its IPO plans and how it will go about getting licensed as a financial holding company. Photo: VCG

China’s central bank said Friday that financial regulators had fined Ant Group Co. Ltd. 7.1 billion yuan ($984 million) as the fintech giant nears the end of a years-long government-led restructuring.

The penalty was handed down due to legal and regulatory violations by Ant Group and companies under its umbrella in areas including corporate governance, financial consumer protection, involvement with banks and insurers, payment and settlement, anti-money laundering, and sales of investment funds, according to a statement published by the People’s Bank of China (PBOC).