Ant Group ordered to review its services

Chinese regulators say they have ordered mobile payment provider Ant Group to review its services.

Watchdogs including the People's Bank of China and the China Banking and Insurance Regulatory Commission made the announcement on Sunday.

Ant Group is the financial arm of e-commerce giant Alibaba Group. It operates the payment app Alipay, which is estimated to have more than 1 billion users, mainly in China.

Ant Group has branched out to small-lot loans and insurance.

The regulators ordered it to focus on its payment service and to found a new company to extend loans under their supervision.
The Chinese government has been intensifying pressure on Alibaba after its founder Jack Ma criticized financial authorities.

Ant Group's stock market debut was suspended at the last moment in November.

The government also announced that it has launched an anti-monopoly investigation into Alibaba.