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

September 13, 2021
Source: channelnewsasia.com channelnewsasia.com
News Snapshot:
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 https://on.ft.com/3ElGHtw reported, citing two people familiar with the process. (Reporting by Aishwarya Nair in Bengaluru; Editing by Kim Coghill)
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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 | user

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