Ant Group said on Friday night that it accepted the decision on administrative penalties from financial regulatory authorities, and will comply with the terms of the penalty with sincerity and ensure its compliance with the determination.

The comments came immediately after Chinese regulators announced a fine worth 7.12 billion yuan ($984.1 million) against the company for violation of laws and regulations.

Under the guidance of financial regulatory authorities, Ant has been conducting business rectification proactively since 2020, and now it has completed the related work on rectification, the company said, adding it will further enhance its compliance governance.

Looking ahead, Ant will continue to enhance its research and development capabilities to better serve and create greater value for the real economy, especially for consumers and small businesses.