There is no simple answer to this question. Many elements from the movie were retained here - such as Guile's old teammate Charlie becoming Blanka, Guile being the main character instead of Ryu, Chun-Li's job being a reporter, and M. Bison being depicted as mastermind of a terror organization. However, the characters are generally depicted as being much closer to their video game counterparts, using the associated special movies and such (which didn't appear in the theatrical film hardly at all.)
There isn't a definite answer to this question, and it can perhaps be best thought of as a reimagining of the movie with more elements from the game series inserted.