Ant Financial bans high interest loans

Ant Financial has banned consumer loans with annual interest rates above 24% from its Alipay platform.

It will continue to monitor and remove noncompliant businesses and has asked all to conduct self checks by Nov. 30.

The move by the Alibaba (NYSE:BABA) affiliate comes after the Chinese government took steps this week to tighten supervision of the lightly regulated sector of online lending.