Jack Ma, China’s richest tech tycoon, has reportedly been advised by the mainland government against leaving the country. This comes against the backdrop of a major overhaul of Ant Group.

Jack Ma – China’s second-richest overall behind bottled water billionaire Zhong Shanshan and a figurehead for Asia's burgeoning fintech scene – was last seen publicly in October. Then, the Ant founder called out mainland authorities for outdated regulations, at a summit in Shanghai.

Since then, Ma's businesses have faced a series of setbacks: a suspended $35 billion initial public offering, the proposal of new anti-monopoly rules and an overhaul of fintech's non-payment financial services. Even Ma’s e-commerce business Alibaba is facing scrutiny over accusations of monopolistic practices which also relies on Ant’s payment and lending platform.

In the latest move, Beijing has come at Ma directly and advised him not to leave the country, accordion to a «Bloomberg» report which cites unnamed sources. The move is highly symbolic both in terms of Chinese policy on big business as well as because Ant is upheld as a fintech beacon for financial services firms globally.

Personal Downfall?

During his speech at the Shanghai summit, Ma criticized China’s financial industry calling out banks as «pawn shop» lenders and regulators as «old men» of the global banking community who did not understand the internet.

In addition to the increasingly low chance of the UPO being revived by 2022, Ma’s wealth and influence have been curbed, the report added, though he «isn’t on the verge of a personal downfall».

Daily State Influence

Meanwhile, Ant’s top executives have been working closely with regulators and providing updates on near-daily basis, according to the report. A dedicated task force, led by the Financial Stability and Development Committee, was recently built and its members include the fintech giant’s chairman Eric Jing and CEO Simon Hu.

«Recently, we at Ant Group have spared no effort in studying the 14th Five-Year Plan, and the government’s policy insights into financial security and financial stability,» Jing said recently, signaling Ant’s desire for closer alignment with Beijing.

«Ant will definitely continue to improve itself, enhance its sense of the big picture and its responsibilities, consciously integrate corporate development into the new development landscape and new regulatory environment, and respond to the requirements and expectations of the country and society with actions.»