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Report: Beijing to break up Ant’s Alipay and force creation of separate loans app – NewsBreak

News Snapshot:

China’s crackdown against its homegrown tech giants continues, according to a new report from the Financial Times. This time around, Beijing is walloping Jack Ma’s Ant Group hard. Regulators in the country have now ordered the partial break up of its Alipay app. Specifically, Chinese regulators are requiring Ant to spin off Alipay’s loan business into a separate app.

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