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China set to demand break-up of Jack Ma’s fintech giant Alipay

September 14, 2021
Source: fntalk.com fntalk.com
News Snapshot:
Beijing plans to break up billionaire Jack Ma’s digital payments empire as the Communist regime continues a crackdown on Chinese big tech. Ma’s Ant Group, which owns the “superapp” Alipay, faces demands from China to spin off its credit card and unsecured loans divisions. It will also be required to provide credit scoring data on its users to a new joint venture that will be partly state-owned. Jack Ma is feeling the heat from China’s government.Credit:AP Shares in Alibaba, the e-commerce company founded by Mr Ma that controls Ant, fell 5 per cent in Hong Kong on the new state...
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Tags: Alibaba | Alipay | Ant Group | app | ARM | Beijing | Bloomberg | China | Chinese | communist | currency | e-commerce | finance | fintech | Hong Kong | insurance | Jack Ma | joint venture | London | online payment | online shopping | Renminbi | technology | United Kingdom | Yuan

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