Chinese regulators intensified scrutiny of Alibaba, with the e-commerce giant’s financial arm Ant Group ordered to separate its rapidly expanding commercial loan business into a separate unit from Alipay, Financial Times reported.
Regulators want the unit to share customer data used in making loan decisions, with a newly-created partly state-owned credit scoring venture, the newspaper wrote.
Ant Group began to restructure its businesses [1] in April to address government-mandated changes requiring it to cut links between Alipay and other financial units, including its two lending businesses.
A suspension of a dual listing [2] of Ant Group on the Shanghai and Hong Kong exchanges in November 2020 marked the beginning of a state crackdown on internet companies’ business practices and compliance with regulations.
Over the past few months, authorities initiated a number of more restrictive rules covering recommendation algorithms, competition and online gaming [3].
[1] https://www.mobileworldlive.com/asia/asia-news/ant-group-details-restructuring-blueprint
[2] https://www.mobileworldlive.com/featured-content/money-home-banner/chinese-regulator-throws-salt-on-37b-ant-group-ipo
[3] https://www.mobileworldlive.com/featured-content/home-banner/china-bans-children-from-school-night-gaming
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