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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

Platforms like Ant's Alipay and Tencent's WeChat Pay used to provide side-by-side comparisons of deposit products at different banks. (Photo by Markus Winkler)

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.

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