China plans to force break up of Ant’s Alipay

A Financial Times report has it that China wants to break up Alipay, the popular payments app owned by Jack Ma’s Ant Group.

China also intends to create a separate app for the company’s highly profitable loans business, the report said.

The Financial Times also reports that the plan will also see Ant turn over the user data that underpins its lending decisions to a new credit scoring joint-venture, which will be partly state-owned.

Pageone reported last week that state-backed firms are set to take a sizeable stake in Ant’s credit-scoring joint venture for the first time.

According to the Financial Times report, Ant will not be China’s only online lender affected by the new rules.