China wants a piece of the Alipay pie
China continues to attack its technology giants. It is now targeting Alibaba's fintech Alipay, and could get its hands on its lending business.
After the big names in video games, the champions of online entertainment and even the stars of the real estate industry in an overheated market, Beijing has been constantly checking up on its big national groups for several months.
The latest target is Alipay, the payment subsidiary of Alibaba (see box). According to the Financial Times, the application, which boasts more than one billion customers, is quite simply on the verge of being dismantled by the government.
A prospect that has shaken up tech stocks. It has to be said that the Alipay application has taken root in the daily lives of virtually every Chinese household. It has become, in a decade, the digital wallet needed to pay for anything online.
