China to break up Ant’s Alipay and force creation of separate loans app – FT

FAN Editor
FILE PHOTO: An Alipay sign at the payments company's Shanghai office
FILE PHOTO: An Alipay sign at the Shanghai office of Alipay, owned by Ant Group, an affiliate of Chinese e-commerce giant Alibaba, in Shanghai, China, September 14, 2020. REUTERS/Aly Song/File Photo

September 12, 2021

(Reuters) – Beijing wants to break up Alipay, the hugely popular payments app owned by Jack Ma’s Ant Group, and create a separate app for the company’s highly profitable loans business, the Financial Times reported on Sunday.

The plan will also see Ant turn over the user data that underpins its lending decisions to a new credit scoring joint-venture, which will be partly state-owned, the newspaper reported, citing two people familiar with the process.

(Reporting by Aishwarya Nair in Bengaluru; Editing by Kim Coghill)

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