China is still at war with Jack Ma: Alibaba remains without his Payment App

The Chinese regime wants to dismantle the popular Application of Alipay Payments, from the Gigantic Group Alibaba, to remove the lucrative business of online lo

China is still at war with Jack Ma: Alibaba remains without his Payment App

The Chinese regime wants to dismantle the popular Application of Alipay Payments, from the Gigantic Group Alibaba, to remove the lucrative business of online loans, the Financial Times newspaper reported Monday.

This mobile payment service is an indispensable application in China, where cash has practically disappeared and the vast majority of payments are made with a smartphone.

In the crusade against what they see as a oligopoly of the technological giants, the Chinese authorities want to divide the application into two different entities.

According to the information of the Financial Times, which does not quote any source, an entity will maintain the payment service and the other will focus on online loans. In addition, Ant Group, Alipay's subsidiary possesses Alipay, must give the data from the users who have requested loans in their application to a credit rating agency partially controlled by the State.

Neither Ant Group nor Alibaba responded immediately to AFP's requests for information. The Chinese authorities launched in recent months a campaign to stop what they see as a "disorderly" development of the economy, causing losses of tens of millions of dollars to affected companies.

The Alibaba group, of the multimillionaire Jack Ma, has been especially seen in the target of this crusade. At the end of 2020, Beijing paralyzed the gigantic Entrance in Hong Kong Bag and Shanghai of Ant Group, its subsidiary specialized in online finance. Months later, the parent company Alibaba was fined with 18,200 million yuan (about 2,820 million dollars to the current exchange) for dominant position abuse in the market.

Updated Date: 22 September 2021, 00:39

You need to login to comment.

Please register or login.

RELATED NEWS