Ant Group faces another round of scrutiny as Chinese authorities have reportedly told the nation’s largest banks and state-owned enterprises to examine financial exposure and other links to the fintech giant.
Multiple regulators – including the National Audit Office as the lead alongside the China Banking and Insurance Regulatory Commission – recently told institutions under their watch to examine exposure to Ant, according to a «Bloomberg» report citing unnamed sources.
The examination covers the fintech group, its subsidiaries and shareholders up to January.
«Most Thorough and Wide-Ranging Look»
According to the report, the new round of scrutiny against Ant marks «by far the most thorough and wide-ranging look into deals» related to the group and the institutions were told to report their findings as soon as possible.
It is unclear what led to the request for scrutiny or if there will be any moves after regulators receive the findings.
The latest call to check for Ant-related links occurs in the midst of Beijing’s latest campaign to curb «disorderly expansion of capital and platform monopolies».
