News

#: Chinese regulators look to break up Ant Group’s Alipay: report

Table of Contents

“#: Chinese regulators look to break up Ant Group’s Alipay: report”

FT reports Beijing seeks a separate app for loan business as part of anti-monopoly crackdown

Chinese regulators are seeking to break up Alipay, the popular payments app from Jack Ma’s Ant Group, according to a new report by the Financial Times.

According to the FT, regulators want Alipay to create a separate app for its loan business, and turn over user data for a new credit-scoring joint venture, in which Chinese state-owned business will have a significant stake.

Reuters…

Mike Murphy

If you liked the article, do not forget to share it with your friends. Follow us on Google News too, click on the star and choose us from your favorites.