US mulls restricting Ant, Tencent payment systems amid safety concerns, sources say

During the past weeks, there has been accelerated debate among senior US officials on how and even whether to enforce restrictions on the two Chinese giants’ payment systems, the sources added. However, an official decision has yet to be made and is not imminent.

The development comes as concerns rise over the possibility of the fintech majors becoming the dominant digital payment platforms worldwide and potentially giving China access to millions of people’s personal data.

In a statement, Ant said it’s unaware of any discussions abroad, as its business remains centered in China and focused on its “growth prospects in the China market.”

Ant recently filed for IPOs in the Hong Kong stock exchange and in Shanghai’s Nasdaq-like STAR Market, with an aim to raise more than US$20 billion from the dual listing.

In the prospectus, the company said it reached over one billion annual active users and 711 million monthly active users. Ant also said it logged US$11 billion in revenue during the first half of 2020, a 38% increase year on year, with only 5% coming from countries outside of China.