China to target biggest payment app Alipay in tech crackdown, says FT

Alipay – with more than one billion users in China and other Asian nations including India – was told to spinoff its profitable micro loan business, the Financial Times reported on Sept 13, citing a person with knowledge of the matter. — Reuters

BEIJING: Chinese regulators have ordered sweeping changes to the country’s biggest payment app Alipay, as the ruling Communist Party attempts to rein in “the unruly growth” of the tech giants.

Alipay – with more than one billion users in China and other Asian nations including India – was told to spinoff its profitable micro loan business, the Financial Times reported on Sept 13, citing a person with knowledge of the matter.