Chinese regulators up the 'Ant'e against Jack Ma's giant

The Chinese regulators have ordered Ant Group to rectify its businesses and comply with regulatory requirements. The world's largest financial technology company has been facing increased scrutiny of anti-monopoly practices in the country's internet sector. The regulators have said that the Ant Group lacked a sound governance mechanism, defied regulatory compliance requirements and engaged in regulatory arbitrage. It also said that the company used its market position to exclude rivals and hurt the rights and interests of consumers. After spiking Ant's $35 billion IPO in November, China has opened an anti-trust investigation in to Jack Ma's company.