<p>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 <em>Financial Times</em> reported on Sunday.</p>.<p>The plan will also see Ant turn over the user data that underpins its lending decisions to a new credit scoring joint-venture, which will be partly state-owned, the newspaper <a href="https://on.ft.com/3ElGHtw" target="_blank">reported</a>, citing two people familiar with the process.</p>.<p>State-backed firms are set to take a sizeable stake in Ant's credit-scoring joint venture for the first time, three people told <em>Reuters</em> last week.</p>.<p>The partners plan to establish a personal credit-scoring firm wherein Ant and Zhejiang Tourism Investment Group Co Ltd will each own 35 per cent of the venture, while other state-backed partners, Hangzhou Finance and Investment Group and Zhejiang Electronic Port, will each hold slightly more than 5 per cent, said one of the people.</p>.<p><strong>Also Read | <a href="https://www.deccanherald.com/business/chinas-alibaba-to-invest-155-billion-for-common-prosperity-1026199.html" target="_blank">China's Alibaba to invest $15.5 billion for 'common prosperity'</a></strong></p>.<p>According to the <em>FT</em> report, Ant will not be China's only online lender affected by the new rules. The company did not immediately respond to a <em>Reuters</em>' request for a comment.</p>.<p>In April, Chinese regulators asked Ant to conduct a sweeping business overhaul, include turning Ant itself into a financial holding firm, and fold its two lucrative micro-loan businesses Jiebei and Huabei, into the new consumer finance firm.</p>.<p>Chinese regulatory authorities have been targeting Ant Group and other internet "platform" giants in a wide-ranging crackdown encompassing antitrust and privacy issues, user data and cryptocurrencies.</p>.<p><strong>Check out latest DH videos here</strong></p>
<p>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 <em>Financial Times</em> reported on Sunday.</p>.<p>The plan will also see Ant turn over the user data that underpins its lending decisions to a new credit scoring joint-venture, which will be partly state-owned, the newspaper <a href="https://on.ft.com/3ElGHtw" target="_blank">reported</a>, citing two people familiar with the process.</p>.<p>State-backed firms are set to take a sizeable stake in Ant's credit-scoring joint venture for the first time, three people told <em>Reuters</em> last week.</p>.<p>The partners plan to establish a personal credit-scoring firm wherein Ant and Zhejiang Tourism Investment Group Co Ltd will each own 35 per cent of the venture, while other state-backed partners, Hangzhou Finance and Investment Group and Zhejiang Electronic Port, will each hold slightly more than 5 per cent, said one of the people.</p>.<p><strong>Also Read | <a href="https://www.deccanherald.com/business/chinas-alibaba-to-invest-155-billion-for-common-prosperity-1026199.html" target="_blank">China's Alibaba to invest $15.5 billion for 'common prosperity'</a></strong></p>.<p>According to the <em>FT</em> report, Ant will not be China's only online lender affected by the new rules. The company did not immediately respond to a <em>Reuters</em>' request for a comment.</p>.<p>In April, Chinese regulators asked Ant to conduct a sweeping business overhaul, include turning Ant itself into a financial holding firm, and fold its two lucrative micro-loan businesses Jiebei and Huabei, into the new consumer finance firm.</p>.<p>Chinese regulatory authorities have been targeting Ant Group and other internet "platform" giants in a wide-ranging crackdown encompassing antitrust and privacy issues, user data and cryptocurrencies.</p>.<p><strong>Check out latest DH videos here</strong></p>