BEIJING: The chief executive of Chinese fintech giant Ant Group has stepped down for "personal reasons", a spokesperson from the Alibaba-affiliated online payment provider said Friday, amid growing regulatory scrutiny. Simon Hu has been replaced as CEO by Ant Group executive Eric Jing, according to the company's updated website, just months after Chinese authorities pulled the plug on the company's colossal Hong Kong IPO.

"The Ant Group Board of Directors has accepted Mr. Simon Hu's resignation request, due to personal reasons," a spokesperson said in a statement. New CEO Jing also previously held the role from 2016 to 2019.