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Roehl Niño Bautista · · 1 min readChina set to split Alipay, wants separate loans app
The Chinese government wants Ant Group‘s payment portal, Alipay, to have a separate app for loans, the Financial Times reported, citing sources.
Details
- Ant’s user data, which the firm uses to make lending decisions, will also be turned over to a new partly state-owned credit-scoring joint venture.
- Other online lenders will also reportedly be affected by the new regulations.
Dive deeper:
- State regulators earlier told Ant to split the backend of lending businesses, Huabei and Jiebei, from the rest of the fintech major’s services, the Financial Times reported.
- Ant Group’s profit fell by 37% earlier this year, as the company continues to face a regulatory crackdown.
Editing by Miguel Cordon and Arpit Nayak
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