(Yicai Global) July 7 -- Chinese fintech giant Ant Group has added three executives to its senior management team, including Li Chen as chief compliance officer, Sina Tech reported today. 

The report, which cited an insider at the company, said Li’s appointment underscores the efforts Hangzhou-based Ant is making to be compliant with regulations amid the ongoing crackdown on dominant tech companies.

Ant had planned to go public last year, but the offering was suspended by the authorities and its affiliate Alibaba Group Holding was handed a record USD2.8 billion fine earlier this year for abuse of its market position. 

Before joining Ant, Li was CCO of GSGH Securities and has over 20 years of experience in finance and risk management. He replaced Eric Jin as a director at Chongqing Ant Small and Micro Loans in January this year, Tianyancha data showed. 

Ant has also added two new vice presidents, Yin Ming and Zhao Wenbiao, to its management team. Yin will take change of strategic development, while Zhao will oversee Ant’s security and risk management group. 

Yin joined in September 2015 and served as president of Ant’s insurance business group. He left for a short period in early 2021 before re-joining in May. Zhao joined Ant in July 2016 and has been president of the security and risk management group since April this year. 

Chinese watchdogs have twice summoned Ant for talks since last November. Under the guidance of regulators, Ant set up a rectification team and is working on a rectification schedule, Chen Yulu, a vice governor of the People's Bank of China, said in January.

Ant will maintain the continuity of its business and normal operations as well as ensure the quality of financial services to the public, Chen added. 

Editor: Tom Litting