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China orders Ant Group to rein in unfettered expansion as regulators put up fences around financial risks



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Ant Group, the world’s largest fintech company, has been instructed to rein in the influence of technology on its financial services as China’s financial regulators ring fence the industry to prevent uncontrolled growth in the industry from leading to financial risks.Ant must return to its origins in online payments and prohibit irregular competition, protect customers’ privacy in operating its personal credit rating business, establish a financial holding company to manage its businesses,…

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