:Beijing wants to break up Alipay, the hugely popular payments app owned by Jack Ma's Ant Group, and create a separate app for the company's highly profitable loans business, the Financial Times reported on Sunday.
State-backed firms are set to take a sizeable stake in Ant's credit-scoring joint venture for the first time, three people told Reuters last week. According to the FT report, Ant will not be China's only online lender affected by the new rules. The company did not immediately respond to a Reuters' request for a comment.
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