Connect with us

Tech

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

Published

on

 


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.

Subscribe to the Mint newsletter

*Please enter a valid email address

* Thank you for subscribing to the newsletter.

Never miss a story! Stay connected and informed with Mint. Download the app now!

Sources

1/ https://Google.com/

2/ https://www.livemint.com/companies/news/china-to-target-biggest-payment-app-alipay-in-tech-crackdown-report-11631514487104.html

The mention sources can contact us to remove/changing this article

What Are The Main Benefits Of Comparing Car Insurance Quotes Online

LOS ANGELES, CA / ACCESSWIRE / June 24, 2020, / Compare-autoinsurance.Org has launched a new blog post that presents the main benefits of comparing multiple car insurance quotes. For more info and free online quotes, please visit https://compare-autoinsurance.Org/the-advantages-of-comparing-prices-with-car-insurance-quotes-online/ The modern society has numerous technological advantages. One important advantage is the speed at which information is sent and received. With the help of the internet, the shopping habits of many persons have drastically changed. The car insurance industry hasn't remained untouched by these changes. On the internet, drivers can compare insurance prices and find out which sellers have the best offers. View photos The advantages of comparing online car insurance quotes are the following: Online quotes can be obtained from anywhere and at any time. Unlike physical insurance agencies, websites don't have a specific schedule and they are available at any time. Drivers that have busy working schedules, can compare quotes from anywhere and at any time, even at midnight. Multiple choices. Almost all insurance providers, no matter if they are well-known brands or just local insurers, have an online presence. Online quotes will allow policyholders the chance to discover multiple insurance companies and check their prices. Drivers are no longer required to get quotes from just a few known insurance companies. Also, local and regional insurers can provide lower insurance rates for the same services. Accurate insurance estimates. Online quotes can only be accurate if the customers provide accurate and real info about their car models and driving history. Lying about past driving incidents can make the price estimates to be lower, but when dealing with an insurance company lying to them is useless. Usually, insurance companies will do research about a potential customer before granting him coverage. Online quotes can be sorted easily. Although drivers are recommended to not choose a policy just based on its price, drivers can easily sort quotes by insurance price. Using brokerage websites will allow drivers to get quotes from multiple insurers, thus making the comparison faster and easier. For additional info, money-saving tips, and free car insurance quotes, visit https://compare-autoinsurance.Org/ Compare-autoinsurance.Org is an online provider of life, home, health, and auto insurance quotes. This website is unique because it does not simply stick to one kind of insurance provider, but brings the clients the best deals from many different online insurance carriers. In this way, clients have access to offers from multiple carriers all in one place: this website. On this site, customers have access to quotes for insurance plans from various agencies, such as local or nationwide agencies, brand names insurance companies, etc. "Online quotes can easily help drivers obtain better car insurance deals. All they have to do is to complete an online form with accurate and real info, then compare prices", said Russell Rabichev, Marketing Director of Internet Marketing Company. CONTACT: Company Name: Internet Marketing CompanyPerson for contact Name: Gurgu CPhone Number: (818) 359-3898Email: [email protected]: https://compare-autoinsurance.Org/ SOURCE: Compare-autoinsurance.Org View source version on accesswire.Com:https://www.Accesswire.Com/595055/What-Are-The-Main-Benefits-Of-Comparing-Car-Insurance-Quotes-Online View photos

ExBUlletin

to request, modification Contact us at Here or [email protected]