China is apparently smashing AliPay and forcing separate credit app

Ant Group

AliPay is the Ant Group’s payment app.

(Photo: AP)

China continues to take action in its tech industry. The government in Beijing wants to smash the highly profitable AliPay payment app from the fintech group Ant Group and create a separate platform for the company’s lending business, wrote the Financial Times newspaper on Sunday. The plan also provides that Ant must hand over the user data underlying his credit decisions to a new joint venture for credit checks. This is partially state-owned, the newspaper reported, citing two people familiar with the matter.

The move joins a whole series of measures that the Chinese authorities are taking to tighten their oversight of many industries – from technology to education. This is intended to strengthen control over the economy and society after years of rapid growth.