Ant Group says it will establish working party to meet China regulator demands

Ant Group says it will establish working party to meet China regulator demands

Chinese financial services and technology firm Ant Group said on Sunday it will establish a “rectification” working party and implement regulatory requirements in full, in a statement issued after a meeting with financial regulators.

Hours earlier, China’s central bank vice governor Pan Gongsheng said regulators had urged Ant to outline a rectification plan and a timetable as soon as possible to meet regulatory demands.

In its statement on social media, Ant said it would set out the plan and timetable in a timely manner, without saying exactly when new steps would be implemented.

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