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Ant Group’s Alipay Is Set to Be Broken Up, According to Reports

·1 min read
Ant Group’s Alipay Is Set to Be Broken Up, According to Reports

The Chinese government intends to force Alipay, the payment app owned by Alibaba founder Jack Ma’s Ant Group, to create a separate app for its loan business, according to the Financial Times. The new app would have to turn over its user data to a new credit-scoring entity partly controlled by the state, the newspaper reported, quoting two people familiar with the plan. Chinese regulators had asked Ant in April to put its two lucrative microloan businesses, Jiebei, a short-term consumer loan entity, and Huabei, a virtual credit card provider, in a new consumer finance unit.