Shares of Jack Ma’s Alibaba group drops after China regulators plan to break up Alipay.
Reports reaching News247gh.com say shares of Alibaba tumbles after Chinese regulators reportedly seek to break up the company’s financial support platform, Alipay and to find a way to create a separate loans app.
Alipay is China’s biggest payment app wildly used by many people across China. Alipay has more than one billion people using its services across China and in some Asian countries. The app gives access to loan options where users can pay with a traditional card which is linked to their banks or offers small unsecured loans to be able to purchase basic necessities.
But Chinese government asked that, Alipay spin-off its micro loan model according to Financial Times
Jack Ma’s has been missing in the public sphere months after the communist government allegedly targets most of his business. The government has targeted a wider crackdownd on tech companies in quest to breaking monopolies in the sector. Read more here
Source: Financial Times