BEIJING – 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 yesterday.
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. – Reuters, September 13, 2021
