Beijing to break up Ant’s Alipay and force creation of separate loans app

Beijing wants to break up Alipay, the 1bn-plus-user superapp owned by Jack Ma’s Ant Group, and create a separate app for the company’s highly profitable loans business, in the most visible restructuring yet of the fintech giant.

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Chinese regulators wants to break up the superapp Alipay, owned by Jack Ma’s Ant Group.
Chinese regulators wants to break up the superapp Alipay, owned by Jack Ma’s Ant Group. (Foto: Charles Platiau/Reuters/NTB)