Chinese electronic payment technology company “Ant Group” has become one of the most powerful companies in China, and its plans to focus on connecting the two worlds of technology and finance have been getting more and more ambitious.
Now, it appears to be turning into a kind of highly regulated Chinese bank, as many media outlets have reported that you have agreed with the authorities to become a financial holding company.
Network said “CNNThe American company refused to comment on those reports earlier this month, and the details of any possible agreement were not immediately clear.
The company did not respond this week to additional questions about any deal with the authorities.
But reports indicate that the subsidiary of the huge “Alibaba” complex, may now be forced to follow similar rules to those required of traditional Chinese banks, a step that may force it to reduce its aspirations to become a dominant force in the world of technology.
The company is known for its Alipay digital payments app, which has more than 700 million active users every month.
She also has enormous interests in online investing, insurance, and consumer lending, which helped her grow in the business with assets valued at around $ 635 billion.
While the company has been largely able to grow unchecked over the past decade, the political winds in Beijing are changing.
The authorities are increasingly aware of the influence you and her peers have over the country’s financial system.
For example, Ant now controls more than half of the mobile payments market in China, so authorities are looking for legal ways to rein in it.
“The Chinese government is moving to regulate these applications more vigorously,” said Doug Fuller, an associate professor at Hong Kong City University who studies technological development in Asia.