News Snapshot:
Topline Chinese regulators are reportedly preparing to breakup Alipay—the world’s largest mobile payments app with 1 billion users —forcing the Ant Group-owned platform to spin off its highly profitable lending business, the Financial Times reported , a move that comes at a time when Beijing is seeking to exert more control over domestic tech giants. Key Facts Regulators in China have already asked Ant to separate the back-end technology of its two popular loan businesses—Huabei and Jiebei—from the rest of Alipay and bring in outside shareholders. The Financial Times, citing two people familiar with the process reported the regulators now...
