off the Spanish island of Mallorca, according to reporting by Bloomberg and local media.
Ma has had to make significant concessions to get out of the government dog house. After regulators torpedoed Ant’s hotly anticipated initial public offering in 2020, the companyoperations to comply with tighter controls and have discussed regularly with the country’s central bank how to “rectify” operations. In its early years, Ant’s success in services like digital payments and money market deposits threatened the dominance of major state-backed banks.
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