Ant Group says it will establish working party to meet China regulator demands

FILE PHOTO: A sign of Ant Group is seen during the World Internet Conference (WIC) in Wuzhen, Zhejiang province, China, November 23, 2020. REUTERS/Aly Song/File Photo

BEIJING (Reuters) - Chinese financial services and technology firm Ant Group said on Sunday it will establish a “rectification” working party and implement regulatory requirements in full, in a statement issued after a meeting with financial regulators.

Hours earlier, China’s central bank vice governor Pan Gongsheng said regulators had urged Ant to outline a rectification plan and a timetable as soon as possible to meet regulatory demands.

In its statement on social media, Ant said it would set out the plan and timetable in a timely manner, without saying exactly when new steps would be implemented.

Reporting by Stella Qiu and Ryan Woo; Editing by Kenneth Maxwell