Ongoing tech rectification going smoothly, official says

China has the full confidence in ongoing rectification work for Ant Group and other 13 internet platforms engaged in finance, the country's top banking and insurance regulator said on Wednesday.

Guo Shuqing, chairman of the China Banking and Insurance Regulatory Commission, noted things may get difficult during the work, as rectification is complicated and involves many factors, including issues related to personal privacy protection and business secrets protection.

He said the rectification for the 14 platforms has gone smoothly, and the country will continue to push ahead with it.

Ant Group, the financial technology arm of the country's e-commerce giant Alibaba, has been ordered by Chinese authorities to rectify its businesses and comply with regulatory requirements amid anti-monopoly practices in the country's internet sector.