China splits Ant Group’s Alipay and forces new loan app creation: FT

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Ant Group Co in Hangzhou, China, Wednesday, January 20, 2021. Headquarters. Qilai Shen | Bloomberg | Getty Images Beijing plans to dissolve Ant Group’s Alipay and create another app for FinTech giant’s loan business. [Monday’s Financial Times Report](//www.ft.com/content/01b7c7ca-71ad-4baa-bddf-a4d5e65c5d79) .. [Regulators have previously ordered Ant to split its business](//www.cnbc.com/2021/04/12/jack-mas-ant-group-to-become-financial-holding-company.html) Loan business AliPay from Huabei and Jiebei. According to FT, they also now want to split their credit business into independent apps. According to the plan, Ant will hand over the user data that underpins the loan decision to the new credit scoring joint venture, FT quoted people familiar with the process. According to the report, the joint venture will be partially state-owned. Hong Kong listed stock [Alibaba](//www.cnbc.com/quotes/BABA) , Ant Group’s e-commerce affiliate fell more than 4% on Monday afternoon following an FT report. Hang Seng Tech index fell almost 3%, gaining share of other Chinese tech giants [Tencent](//www.cnbc.com/quotes/700-HK) When [Meituan](//www.cnbc.com/quotes/3690-HK) Also, hit. [Reuters said in early September](//www.reuters.com/technology/exclusive-chinese-state-firms-take-big-stake-ants-credit-scoring-jv-sources-2021-09-01/) The state-owned company is set to acquire a significant stake in a credit scoring joint venture, with Ant and Zhejiang Tourism Investment Group each owning a 35% stake. According to the FT, Ant is not the only online lender in China affected by the new rules. The latest developments have presented more challenges for Ant’s business.Company’s [The $ 34.5 billion IPO scheduled for November has been terminated](//www.cnbc.com/2020/11/03/ant-group-ipo-in-shanghai-suspended.html) After a regulatory discrepancy is reported. After a few months of crackdowns on Chinese tech giants, Beijing introduced a number of rules around it. [Antitrust](//www.cnbc.com/2021/02/07/china-issues-new-anti-monopoly-rules-targeting-its-tech-giants.html) When [Data security and protection](//www.cnbc.com/2021/08/20/china-passes-key-data-protection-law-as-regulatory-scrutiny-increases.html) .. https://www.cnbc.com/2021/09/13/china-to-split-ant-groups-alipay-force-creation-of-new-loans-app-ft.html China splits Ant Group’s Alipay and forces new loan app creation: FT

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