BEIJING, Sept 13 — 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...
BEIJING, Sept 13 — 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.
“The government believes big tech’s monopoly power comes from their control of data,” the source close to financial regulators told the newspaper. ”It wants to end that.”Regulators pulled the plug on the fintech conglomerate’s record US$37 billion stock market launch in November, after founder Jack Ma criticised officials for stifling innovation.
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