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China tech

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

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

Alipay, the1bn plus-user superapp, is to be broken up in the most visible restructuring yet of Jack Ma's Ant Group.   © Reuters

BEIJING (Financial Times) -- 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 already ordered Ant to separate the back end of its two lending businesses, Huabei, which is similar to a traditional credit card, and Jiebei, which makes small unsecured loans, from the rest of its financial offerings and bring in outside shareholders.

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