Chinese financial regulators told Alibaba’s fintech spinoff Ant Group, set up by billionaire Jack Ma, to rectify problems in five areas.

The five areas included: Ant’s inadequate governance; regulatory negligence; unlawful profit-seeking; monopolistic practices and; infringement of consumer rights, said China’s central bank vice governor Pan Gongsheng.

Ant Group had to draw up a rectification plan and timetable, Pan was quoted as saying by official Xinhua News Agency on Sunday.

The fintech firm should improve the transparency of its transactions, protect the privacy of personal data it collects, ensure sufficient capital, improve governance and follow regulations in launching its securities business, Pan added.

The developments came after officials from the central bank, regulatory departments and the foreign exchange agency earlier this week summoned Ant Group executives for a meeting to discuss its operations.

Ant Group said on Sunday that it would set up a special unit to implement the regulatory requirements.

Ant Group’s parent, China e-commerce giant Alibaba, on Thursday was put under investigation by the State Administration for Market Regulation over monopolistic practices.

Market regulators in Zhejiang province gathered evidence at Alibaba’s headquarters in Hangzhou and interviewed a number of executives during the one-day operation, mainland media reported.

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