China’s top banking regulator says probe into Ant Group will not undermine its development and isn’t targeting private firms

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China’s banking and insurance regulator said on Friday that the investigation into fintech giant Ant Group would not undermine the company’s business development and was not a move against private firms, a reference to increased scrutiny of both Ant and its affiliate Alibaba Group Holding, the owner of the South China Morning Post.Liang Tao, vice-president of the China Banking and Insurance Regulatory Commission (CBIRC), said at a press conference that investigations by financial regulators…

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