China: Issued ruling in People's Bank of China investigation into Ant Group and its subsidiaries including CNY 7.123 billion fine
Description
Issued ruling in People's Bank of China investigation into Ant Group and its subsidiaries including CNY 7.123 billion fine
On 7 July 2023, the Department of Financial Management of People's Bank of China issued its ruling in the investigation into Ant Group and its subsidiaries and imposed a fine of CNY 7.123 billion. In particular, the Department of Financial Managemen…
Scope
Policy Area
Consumer protection
Policy Instrument
User/subject right
Regulated Economic Activity
digital payment provider (incl. cryptocurrencies), platform intermediary: e-commerce
Implementation Level
national
Government Branch
executive
Government Body
central bank