The Ant Financial incident refers to the incident in which the financial management department urged and guided Ant Group, Tencent Group and other large platform companies to comprehensively rectify illegal and irregular problems in financial activities since November 2020.

According to the introduction, most of the outstanding problems in the financial business of platform companies have been rectified. The notice shows that Ant Group and its subsidiaries have violated laws and regulations in corporate governance, financial consumer protection, participation in banking and insurance institutions' business activities, payment and settlement business, fulfillment of anti-money laundering obligations and fund sales business in previous years.

The financial management department imposed a fine of 7.123 billion yuan (including confiscation of illegal gains) on Ant Group and its subsidiaries in accordance with relevant laws and regulations. At the same time, Ant Group was required to shut down the "Mutual Bao" business that was carried out in violation of regulations and compensate consumers in accordance with the law.

In response to the problems found in previous law enforcement inspections, the financial management department has recently imposed administrative penalties on Postal Savings Bank of China, Ping An Bank, PICC Property and Casualty Insurance and Tenpay. According to Bedo Finance, Tenpay was fined a total of about 2.993 billion yuan, Ping An Bank was fined about 53.4117 million yuan, and Postal Savings Bank was fined 31.86 million yuan.