China’s rapid campaign to curb the power of Internet giants has reached its final mark. Ant Group is the pagan sister company of Alibaba e-commerce fintech.
On Monday, Ant announced that it would undertake a retail transformation of its business to allay regulatory concerns about competing with competitors, large-scale user data collection, and greater financial risks to its business. system:
Beijing has become the major shareholder of Major May, Alibaba’s billionaire co-founder և Ant, the corporate empire an early target as it gains control of Big Tech. Chinese officials forced Ant to cancel his initial blockbuster public offering last November, just days before his shares debuted. On Saturday, China’s antitrust authority fined Alibaba $ 2.8 billion for abusing its dominance in digital retail, a record for violating the country’s antitrust law.
Alipay, the leading ant application, has become an indispensable tool for more than 700 million monthly users in China. But Alipay’s size ությունը influences Ant’s major wave of concerns for Beijing, including the power of web platforms, the role of Internet technology in financing նման’s influence, such as that of Ma’s time under Chinese leader Xi Jinping. seeking greater control over the economy.
As part of what both Ant and Chinese officials called a “correction plan,” the company said Monday it would turn to becoming a financial holding company that would bring closer control և requirements it would hold for more money, otherwise can provide or beneficial use
Ant said it would “return to the origin of its payment.” Alipay was launched almost two decades ago as a payment platform for Alibaba’s shopping platforms. But as Ant came to offer other financial services under Alipay, the program has become a major source of consumer credit and small business loans in China.
The company also said it would strengthen security for the personal information it collects to prevent misuse.
“Under the guidance of financial regulators, Ant Group will spare no effort to implement the correction plan,” the company said in a statement.