Ant Group chief chairman Jack Ma was summoned with other executives to meet central bank and regulatory officials
SHANGHAI – Fintech giant Ant Group is facing growing Chinese pressure over potential risks in its online lending business, with co-founder Jack Ma and other executives summoned to an unusual meeting with regulators just ahead of its record-breaking IPO this week.
The firm’s Alipay platform has helped revolutionise commerce and personal finance in China, with consumers using the smartphone app to pay for everything from meals to groceries and travel tickets.
But Ant Group, which has more than 700 million monthly active users, has also caused concern in China’s state-controlled finance sector by venturing into personal and consumer lending, wealth management and insurance.
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