China says measures applied to Ant Group to be imposed on other payment firms

5

BEIJING – China’s central bank said on Thursday (July 8) that anti-monopoly measures applied to e-commerce giant Alibaba’s financial technology affiliate Ant Group will also be imposed on other payment service companies.

China suspended the US$37 billion (S$50 billion) listing of Ant Group in November last year.

There has been growing concerns over banks using third- technology platforms like Ant for underwriting amid fears of rising defaults and a deterioration in asset quality.

Chinese regulators, led by the central bank, in April imposed a sweeping restructuring on the fintech giant, forcing it to turn itself into a financial holding firm, and to cut links between its payments app Alipay and its other businesses.

“Monopolistic behaviour does not only exist in the Ant Group, but also in other institutions,” said People’s Bank of China vice-governor Fan Yifei, told a media conference in Beijing.

Mr Fan added that measures will be revealed soon, without further elaboration.

He said the speed of development of China’s payment industry is “rapid” over the past few years, but at the same time, there are “monopoly and excessive capital expansions during (its) development”.

Comments are closed.

This website uses cookies to improve your experience. We'll assume you're ok with this, but you can opt-out if you wish. Accept Read More