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

Chinese fintech will turn over user data to new joint venture partly owned by state

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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.
Chinese regulators have…

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