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China tech

Ant and Tencent halt bank deposit shopping as Beijing cracks down

Chinese authorities intensify scrutiny on tech giants and financial risk

SHANGHAI -- China's leading fintech companies such as Alibaba Group Holding affiliate Ant Group have removed smartphone app features that allow users to shop around for bank deposits that offer high rates, as concerns mount over their impact on the country's financial industry.

Tech giants Tencent Holding and Baidu have also halted the service as of Monday. 

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