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

The fintech giant was stung for violations in areas including financial consumer protection, business with banks and insurers, payment and settlement, anti-money laundering, and sales of investment fu

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.