Chinese regulators have already ordered Ant to separate from its main business the company’s two lending units — Huabei, which is similar to a traditional credit card, and Jiebei, which makes small unsecured loans — into a new entity and bring in outside shareholders. Now officials want these lending businesses to have their own independent app as well.
| less than a minute read
Beijing to break up Ant’s Alipay and force creation of separate loans app
“The government believes big tech’s monopoly power comes from their control of data,” said one person close to financial regulators in Beijing. “It wants to end that.”
