China plans to break up Ant's Alipay, force creation of separate loans app

China plans to break up Ant's Alipay, force creation of separate loans app

An Alipay logo is seen at a cashier in Shanghai January 12, 2017. REUTERS/Ali Song/Files

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 Financial Times reported on Sunday.