The days when a Chinese consumer could use their Alipay app as an one-stop shop to do everything from buying groceries and train tickets to taking out a loan and investing in a mutual fund appear to be numbered as the government takes aim at fintech giants over monopolistic behavior, risky lending practices and data privacy.
Caixin
In Depth: The rectification and remaking of Ant Group
Jack Ma's fintech avoids breakup but is forced to undergo major restructuring
Ant Group will be restructured into a financial holding company. © Reuters
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