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China targets Alipay, the largest tech crackdown app for payments: Report




Chinese regulators have ordered a drastic change to Alipay, the country’s largest payments app, as the ruling Communist Party seeks to curb the “uncontrollable growth” of tech giants.

According to the Financial Times, Alipay, which has more than a billion users in other Asian countries, including China and India, was told to spin off its profitable microloan business.

The app now offers unsecured loans that allow users to pay with a traditional bank-linked credit card or buy anything from toilet paper to laptops.

“The government believes that Big Tech’s monopoly comes from managing data,” a source close to financial regulators told the newspaper. “I want to end it.”

Ant Group, Alipay’s parent company, is China’s largest payment service provider.

After founder Jack Ma criticized the authorities for curbing innovation, regulators unplugged the November FinTech conglomerate’s record $ 37 billion stock market launch.

Ma’s business empire has been the subject of broader crackdowns on tech companies aimed at breaking monopolies and enhancing data security, dispelling billions of dollars in their reputation.

Since the crackdown began, candid millionaires have barely been in the limelight.

After separating the payments and loans businesses, Alipay will need to hand over the customer data used to make loan decisions to some of the new state-owned credit scoring joint ventures, two sources familiar with the deal said. I told the Financial Times.

Alipay didn’t immediately answer AFP’s question about how orders affect the business.

Regulators have also called on Ma’s e-commerce platform Alibaba and other Internet companies to stop blocking links to rival services, said Zhao Zhiguo, a spokesman for the Ministry of Industrial Information, at a briefing on Monday. Stated.

Chinese market regulators last month announced rules to abolish the so-called “walled gardens” built by tech companies aimed at keeping users in service.

“Restricting access to website links is unreasonable, not only affecting the user experience, but also damaging the rights and interests of users and disrupting market order,” Zhao said.

“Users reacted strongly to this.”

This story was published from a news agency feed without changing the text. Only the heading has changed.

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