Jack Ma’s Ant Group Receives $994 Million Penalty for Violating Multiple Regulations, as China Tightens Its Grip on Tech Giants

China’s leading financial regulators have imposed a hefty fine of approximately 7.1 billion yuan ($994 million) on Ant Group, the fintech company established by the wealthy entrepreneur Jack Ma. The fine was imposed due to Ant Group’s violation of regulations pertaining to consumer protection and corporate governance.

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