Beijing plans to break up Ant Group's Alipay and create a separate app for the fintech giant's loans business, the Financial Times reported Monday.
The plan will also result in Ant turning over the user data that underpins lending decisions to a new credit scoring joint-venture that will be partly state-owned, the Times reported, citing people familiar with the process.
The latest development marked yet another sign of trouble for Ant's business after its failed attempt to go public late last year sparked a months-long regulatory crackdown on China's tech giants.Qilai Shen | Bloomberg | Getty Images Beijing plans to break up Ant Group's Alipay and create a separate app for the fintech giant's loans business, according to a
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