China Will Reportedly Break up Ant Group’s Alipay and Force Creation of New Loans App “Beijing plans to break up Ant Group’s Alipay and create a separate app for the fintech giant’s loans business, according to a Financial Times report on Monday . Regulators previously ordered Ant to split the businesses of AliPay from lending businesses Huabei and Jiebei. They now want the credit businesses to be split into an independent app as well, according to the FT. According to the plan, Ant will turn over user data underpinning loan decisions to a new credit scoring joint venture, the FT reported, citing people familiar with the process. The JV will be partly state-owned, the report said.”
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