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

The Chinese government is seen to end Big Tech’s monopoly power that comes from their control of data

Financial Times

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

THE LEGACY | Ma morphed Alibaba in to China's largest online retail market. He transformed how Chinese people shop and pay for things, especially through the now ubiquitous Alipay digital payment service. The Alibaba empire now spans well beyond online retail and payments to include cloud computing, digital media and entertainment. As he prepares to leave the company, Ma is among China's richest men with a net worth estimated by Forbes at $38.6 billion. (An Alipay logo is seen at a train station in Shanghai in February 2015; Reuters/Aly Song)

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