Jack Ma agreed to become a financial holding under control of authorities

People’s Bank of China For the first time after the abolition of public placement, Ant Group announced the plan for the restructuring of the business of Fintech-Companies, controlled by billionaire Jack Ma, writes Financial Times.

On Monday, Ant Group representatives met with representatives of the four regulators, China’s People’s Bank said. In recent months, under the supervision of regulators for the company, the “Fix Plan” was formulated. The Ant Group will correct that the regulators consider unscrupulous competition in the field of payments, as well as improve the quality of their corporate governance.

In addition, the company will have to reduce the risks of liquidity of its investment products and reduce the amount of assets that the huge fund of short-term investment Yu’EBAO is managed. The regulator also stated that the Ant Group will apply for reorganization to the financial holding company and will obey regulation at about the same level as banks, writes The Wall Street Journal.

Ant Group stated that “will not regret the effort to implement the fixing plan.” In addition to becoming a financial holding, it also plans to create a licensed company that will deal with personal credit reporting. In addition, it plans to combine the two of its online lending services Jiebei and Huabei in one adjustable company.