THE People’s Bank of China (PBOC), the China Banking and Insurance Regulatory Commission, the China Securities Regulatory Commission and the State Administration of Foreign Exchange again carried out joint regulatory talks with Ant Group on Monday.

Pan Gongsheng, deputy head of the PBOC, answered media queries concerning the talks.

After the previous talks with regulators in December last year, Ant Group has set up a special task force to map a rectification plan under the guidance of the financial authorities and to actively carry out the rectification work, according to Pan.

Monday’s talks aimed to prompt the group to face the grave problems in its financial business and the seriousness of the rectification work. The group must carry out profound and effective rectification to stay firm in serving the real economy, the people and actively respond to national development strategies, he said.

He said the group’s rectification plan aims to correct unfair competition in the group’s payment business, giving consumers more payment options.

According to the plan, the group should break the monopoly of information and guarantee the security of personal and State information, he said.

(Xinhua)