• China Chinese billionaire Jack Ma, founder of Alibaba, reappears after almost three months "disappeared"

The Chinese regime wants to dismantle the popular payment application Alipay, of the giant Alibaba group, to take away the lucrative business of online loans, the Financial Times reported on Monday.

This mobile payment service is an indispensable application in China, where cash has practically disappeared and the vast majority of payments are made with a smartphone.

In the midst of the crusade against what they see as an oligopoly of the tech giants, the Chinese authorities want to divide the application into two separate entities.

According to information from the Financial Times, which does not cite any source, one entity will maintain the payment service and the other will focus on online loans.

In addition, Ant Group, the Alibaba subsidiary that owns Alipay, will have to transfer the data of users who have applied for loans in its application to a credit rating agency partially controlled by the State.

Neither Ant Group nor Alibaba immediately responded to AFP's requests for information.

The Chinese authorities launched a campaign in recent months to curb what they see as a "disorderly" development of the economy, causing losses of tens of millions of dollars to the affected companies.

Billionaire Jack Ma's Alibaba group has been especially targeted in this crusade.

At the end of 2020, Beijing paralyzed the gigantic Hong Kong and Shanghai listing of Ant Group, its subsidiary specializing in online finance.

Months later, parent company Alibaba was fined 18.2 billion yuan (about $ 2.82 billion at current exchange rates) for abuse of a dominant position in the market.

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