February 24, 2024

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Ant Group Gets a Reprieve as China Eases Crackdown

As regulators in China prepare to end a multi-year industry crackdown, the financial technology giant Ant Group, an Alibaba Group Holding Ltd subsidiary, will likely face reduced penalties. According to Reuters’ reports, regulators have proposed lowering the proposed fine from over $1 billion to 5 billion ($728 million). Since the People’s Bank of China (PBOC)