China’s central bank said Ant Groupis working on a timetable to overhaul its business while ensuring operations continue, offering little clue on how far the financial technology giant needs to go to satisfy authorities, reported Bloomberg.
Regulators are in close contact with a special Ant team that’s drafting plans and a timetable to rectify its operations, People’s Bank of China Deputy Governor Chen Yulu said on Friday at a briefing.
While regulators stopped short of directly asking for a breakup of the company in December, the central bank stressed that Ant needs to “understand the necessity of overhauling” and come up with a timetable as soon as possible.
In response to proposed rules, Ant is planning to reorganize its consumer credit operations so the company can continue lending nationwide under new regulations that would otherwise threaten to dramatically restrict its most lucrative business, Bloomberg sources familiar with the matter said.
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