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Caixin

China's new monopoly rules target fintech giants

Alipay, WeChat Pay and other nonbank payment providers could face probes

Alipay dominated the third-party mobile payment market in 2020 but may have hit a wall due to proposed regulations that could limit its reach.   © Reuters

China's biggest third-party payment providers, Alipay and WeChat Pay, could face antitrust investigations and forced divestiture under proposed rules that tighten oversight of nonbank institutions in the sector.

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