FACTBOX-Ant Group to review business as Beijing cracks down

FACTBOX-Ant Group to review business as Beijing cracks down

* Return its payments business to its roots serving consumers and small companies. * Apply to set up a financial holding company to ensure its financial-related businesses are fully regulated.

* Set up a personal credit reporting company and apply for a personal credit reporting license. It said it will conduct the personal credit reporting business in compliance with relevant laws and regulations, strengthen the protection of personal information, and effectively prevent the abuse of data.

Source www.reuters.com

* Strengthen consumer rights protection, enhance corporate governance, adhere to fair competition rules, bring related-party transactions into line, strengthen risk prevention and control, create a fair market environment, and further strengthen corporate social responsibility commitments. (Reporting by Sumeet Chatterjee; editing by Carmel Crimmins) * ‘Jiebei’ and ‘Huabei’, the company’s two credit subsidiaries, will be run by its consumer finance company which will be operated in compliance with relevant laws and regulation.

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