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China to break up Ant's Alipay and force creation of separate loans app FT

September 13, 2021
Source: newsbreak.com newsbreak.com
News Snapshot:
Sept 12 (Reuters) - Beijing wants to break up Alipay, the hugely popular payments app owned by Jack Ma's Ant Group, and create a separate app for the company's highly profitable loans business, the Financial Times reported on Sunday. The plan will also see Ant turn over the user data that underpins its lending decisions to a new credit scoring joint-venture, which will be partly state-owned, the newspaper reported, citing two people familiar with the process. Our Standards: The Thomson Reuters Trust Principles. Comments / 0
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Tags: Alibaba | Alipay | Ant Group | app | Beijing | Business | China | credit | data | finance | financial | Jack Ma | loans | media intelligence | News Media | newspaper | online payment | Reuters | standards | user

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