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<ul class="summary-list"><li>Alibaba and other Chinese tech companies fell Monday after the Financial Times reported Beijing wants to break up <keyword id="12003803" type="UNKNOWN" weightage="60" keywordseo="alipay" source="Orion">Alipay</keyword>. </li><li>Regulators want the Ant Group, which runs Alipay, to turn over consumer data used for lending decisions. </li><li>Beijing wants the user data turned over to a new, partially state-run credit-scoring venture.</li></ul>US-listed shares of <a href="https://markets.businessinsider.com/stocks/baba-stock">Alibaba</a> and other Chinese technology companies fell Monday after the <a href="https://www.ft.com/content/01b7c7ca-71ad-4baa-bddf-a4d5e65c5d79">Financial Times reported</a> the Chinese government wants to break up Alipay, the financial services superapp from Ant Group, marking Beijing's latest move to overhaul the fintech heavyweight run by billionaire <keyword id="12003804" type="UNKNOWN" weightage="60" keywordseo="jack-ma" source="Orion">Jack Ma</keyword>. Regulators have already ordered Ant to separate Alipay from its two lending units, Huabei and Jiebei, into a new entity and bring in outside shareholders. Beijing now wants those lending businesses to have an independent app, according to the report published Monday. Ant would also have to turn over user data that informs their lending decisions to a new and separate credit scoring joint-venture that would be partly state-owned, according to two unnamed sources.Shares of Alibaba fell by 2.7% on the New York Stock Exchange and tech and entertainment conglomerate<a href="https://markets.businessinsider.com/stocks/tcehy-stock"> Tencent</a> fell 1.4%. <a href="https://markets.businessinsider.com/stocks/mpngy-stock">Meituan</a>, whose technology drives retail shopping including food delivery and travel services, lost 1% and online retailer <a href="https://markets.businessinsider.com/stocks/jd-stock">JD.com</a> declined 2.1%. Hong Kong-listed shares of the companies also dropped during Asian trading hours. The Chinese government believes big tech's monopoly power comes from controlling data, a source close to financial regulators told the FT. "It wants to end that." Beijing's move may slow down Ant's lending business which partially drove overall growth for Ant which until late last year was on its way to <a href="https://markets.businessinsider.com/news/stocks/ant-group-ipo-suspended-shanghai-hong-kong-china-regulators-2020-11">launching an IPO in Shanghai and Hong Kong</a>. The Alipay app has more than 1 billion users and provides access to a range of services including transaction payments and taxi hailing. The central bank this summer told loan industry officials that lending decisions must be made based on data from an approved credit scoring company rather than proprietary data, a source told the FT.

Chinese tech stocks decline as Beijing reportedly seeks to break up Alipay in latest volley of regulation

<ul class="summary-list"><li><keyword id="11906893" type="UNKNOWN" weightage="60" keywordseo="ant-group" source="Orion">Ant Group</keyword> is poised to create a credit score JV with Chinese state-backed partners, Reuters reported</li><li>This move could enable the Alibaba-owned fintech giant to proceed with its blockbuster IPO, abandoned in November.</li><li>Chinese regulators had turned up the pressure and ordered Ant Group to restructure before going public. </li></ul>Ant Group's $35 billion initial public offering could be back on the table, now that the fintech is poised to create a joint venture with a group of Chinese government-backed firms, Reuters reported Wednesday.The partners intend to establish the joint venture, a provider of personal credit scores, as early as October, three people told Reuters, according to the <a href="https://www.reuters.com/technology/exclusive-chinese-state-firms-take-big-stake-ants-credit-scoring-jv-sources-2021-09-01/">report</a>. Four companies are set to take a stake in the JV alongside Ant Group, three of them state-backed. The move could put Ant Group, the tech affiliate of <keyword id="12003804" type="UNKNOWN" weightage="60" keywordseo="jack-ma" source="Orion">Jack Ma</keyword>'s <keyword id="11893877" type="UNKNOWN" weightage="60" keywordseo="alibaba" source="Orion">Alibaba</keyword>, in a position to comply with Beijing's wishes and so put it on course to revive its dual IPO.Financial authorities blocked Ant Group's highly anticipated IPO on the Shanghai and Hong Kong stock exchanges in November, saying the Chinese financial-services company might <a href="https://markets.businessinsider.com/news/stocks/ant-group-ipo-suspended-shanghai-hong-kong-china-regulators-2020-11">no longer meet disclosure requirements</a>. The listing aimed to raise $34.5 billion and would have valued Ant Group at more than $313 billion.In April, Chinese regulators ordered Ant Group, the tech affiliate of Jack Ma's Alibaba, to restructure before it could be allowed to go public. It was told to change parts of its business and to <a href="https://www.businessinsider.com/china-orders-ant-group-change-business-return-payment-origins-2020-12">return to its roots</a> as a payments services provider.The planned JV could address some of the requirements regulators have set for Ant Group, which owns China's largest digital payments platform <keyword id="12003803" type="UNKNOWN" weightage="60" keywordseo="alipay" source="Orion">Alipay</keyword>. It would also give Beijing some access to the vast amounts of personal data held by the fintech.The JV will collect, manage and analyze consumer data to give a score to a customer's credit standing. Under its new structure, the firm would deal Ant Group's business data operations in a way that would make regulatory control for authorities easier, according to the Reuters report. The fintech's booming micro-lending business would be scrutinized more closely, it said. Ant Group received official approval to develop a consumer finance business with state-backed minority shareholders in June. It will have a 35% stake in the JV, as will state-backed Zhejiang Tourism Investment Group, Reuters reported. Two other state investors will hold 5% each, bringing the Beijing-backed firms to a total of 45%. The single non-government-linked partner would control around 7%. Ant Group had not responded to Insider's request for comment at time of publication. China has stepped up regulations for tech and other key sectors this year to increase its grip on growing industries. The country's <a href="https://markets.businessinsider.com/news/stocks/china-tech-regulation-crackdown-tougher-legislation-key-industries-2021-8?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingestm=ingest">five-year plan</a> set out in August targets tech innovation, monopolies, internet finance and big data as industries that should expect tighter rules. The regulatory crackdown has sent Chinese tech stocks tumbling, including shares in Ant Group parent company Alibaba. At the end of the trading day in Hong Kong on Wednesday, Alibaba shares had fallen 0.18% to 165.20 Hong Kong dollars ($21.24). Its New York traded shares were last up by 3.83% as of 10:52 am E.T.

Ant Group's $35 billion IPO could be back in play because it plans a JV with China-backed firms, report says

<ul class="summary-list"><li><keyword id="424838" type="PERSON" weightage="60" keywordseo="Jack-Ma">Jack Ma</keyword> was spotted playing golf at the Sun Valley Golf Resort, sources told Bloomberg.</li><li>The sources described the <keyword id="302749" type="COMPANY" weightage="60" keywordseo="Alibaba">Alibaba</keyword> and Ant Group founder as a golfing novice.</li><li>Ma hasn't been seen in public for more than two months amid a crackdown by Chinese <keyword id="81822" type="COMPANY" weightage="60" keywordseo="regulators">regulators</keyword>.</li></ul>After months of speculation over Jack Ma's whereabouts, the billionaire was spotted playing golf at the Sun Valley Golf Resort in Hainan, people familiar with the matter told <a href="https://www.bloomberg.com/news/articles/2021-02-10/jack-ma-spotted-playing-golf-after-weeks-out-of-public-view?sref=lAVQtUwz">Bloomberg</a> Wednesday.This is the first public sighting of the Alibaba and Ant Group founder in more than two months. Reports suggested he was <a href="https://www.businessinsider.com/jack-ma-not-missing-alibaba-china-2021-1#:~:text=Alibaba%20founder%20Jack%20Ma%20is,China's%20crackdown%20on%20his%20businesses&amp;text=Yahoo%20Finance%20earlier%20reported%20Ma,billion%20IPO%20in%20early%20November.ber.">laying low on January 5</a> amid the Chinese Communist party's crackdown on his businesses.The Sun Valley Golf Resort is located on Hainan Island, just off the coast of <keyword id="1334" type="COUNTRY" weightage="60" keywordseo="China">China</keyword>. It's a five-star resort offering a 27-hole course surrounded by a vast green landscape. One person who saw Ma at the resort described him as a golfing novice, Bloomberg reported.Alibaba didn't immediately respond to Insider's request for comment.His last appearance was apparently a virtual one on January 20, when <a href="https://www.businessinsider.com/jack-ma-alibaba-video-call-2021-1">he spoke to 100 teachers in remote areas of China</a> in a videoconference call. This was part of the Jack Ma Rural Teachers Award ceremony, which highlights outstanding teachers in poor and rural areas.<a href="https://www.businessinsider.com/alibaba-founder-jack-ma-suspected-missing-2021-1">The 56-year-old was thought to be "missing"</a> on January 3 as he hadn't been seen publically in two months and was replaced in November as a judge on the African talent show he founded, "Africa's Business Heroes," <a href="https://www.ft.com/content/a91dfeae-da1e-4348-8212-bbfbe94d93bd">the Financial Times reported</a>.Read more: <a href="https://www.businessinsider.com/jack-ma-alibaba-canoo-discussed-partnership-2020-10?r=kd-sub">Insiders reveal Alibaba's Jack Ma sought a partnership with Canoo to build electric delivery vans, but the deal fell flat because the startup couldn't meet his aggressive timeline</a>CNBC anchor David Faber said January 5 that <a href="https://www.businessinsider.com/jack-ma-not-missing-alibaba-china-2021-1#:~:text=Alibaba%20founder%20Jack%20Ma%20is,China's%20crackdown%20on%20his%20businesses&amp;text=Yahoo%20Finance%20earlier%20reported%20Ma,billion%20IPO%20in%20early%20November.ber.">Ma "is being less visible</a>, purposefully," citing sources. "He may not have shown up, but he's not missing," Faber said.The Chinese <keyword id="6358815" type="UNKNOWN" weightage="60" keywordseo="tech">tech</keyword> mogul has clashed with the country's regulators over the past few months because of his business antics.In October, Ma publicly <a href="https://www.businessinsider.com/jack-ma-financial-regulations-ant-group-alibaba-2020-10">criticized China's financial regulatory system</a> at a conference in Shanghai. He said China was following global rules that are part of "an old people's club" and the rules of global banking <a href="https://www.businessinsider.com/jack-ma-financial-regulations-ant-group-alibaba-2020-10">aren't well-suited for Chinese tech innovation</a>.One month later, China introduced stricter regulations that curbed what would have been <a href="https://www.businessinsider.com/jack-ma-offered-parts-ant-group-to-china-2020-12">a huge initial public offering for Ant Group</a>, Ma's fintech company.Then in December, China <a href="https://www.businessinsider.com/alibaba-antitrust-jack-ma-ant-group-beijing-regulators-2020-12">launched an antitrust investigation</a> into Ma's e-commerce firm Alibaba over alleged anti-monopolistic practices. Regulators also said they'll push Ant Group to implement strict financial regulations.Ant Group <a href="https://www.businessinsider.com/jack-mas-ant-group-plans-shrink-after-china-demands-wsj-2021-1">plans to restructure</a> itself, following the demand from Chinese regulators.Ultimately, the company will become a financial holding company, overseen by China's central bank, people with knowledge of the matter told The <a href="https://www.wsj.com/articles/jack-mas-ant-plans-major-revamp-in-response-to-chinese-pressure-11611749842">Wall Street Journal</a> in January.

Jack Ma has been spotted playing golf on the Chinese island of Hainan. The Alibaba founder has spent months laying low amid clashes with regulators

<ul class="summary-list"><li>President <keyword id="6354484" type="PERSON" weightage="60" keywordseo="Donald-Trump">Donald Trump</keyword> has signed an executive order banning <keyword id="649392" type="COMPANY" weightage="60" keywordseo="Alipay">Alipay</keyword>, <keyword id="4745954" type="PERSON" weightage="60" keywordseo="WeChat-Pay">WeChat Pay</keyword>, and six other Chinese apps. </li><li>The order raises the possibility that the apps could track Federal employees and "build dossiers of personal information," calling the apps a threat to "the national security, foreign policy, and economy of the United States."</li><li>The order will go into effect 45 days after it's signed, which will be after Trump has left office.</li><li>The latest ban follows earlier Trump administration bans of the apps <keyword id="1160904" type="COMPANY" weightage="60" keywordseo="WeChat">WeChat</keyword> and TikTok, neither of which has gone into effect.</li></ul>President Donald Trump signed an executive order Tuesday banning Alipay, WeChat Pay, and six other Chinese apps, calling them a threat to national security. The executive order prohibits any transactions on the apps Alipay, CamScanner, QQ Wallet, SHAREit, <keyword id="212412" type="COMPANY" weightage="60" keywordseo="Tencent">Tencent</keyword> QQ, VMate, WeChat Pay, and WPS Office, calling them a threat to "the national security, foreign policy, and economy of the United States." The order raises the possibility that the apps could track federal employees and "build dossiers of personal information."The order will go into effect 45 days after it's signed, which will be after Trump has left office.Alipay, a consumer finance app owned by Jack Ma's <keyword id="9541717" type="UNKNOWN" weightage="60" keywordseo="Ant-Group">Ant Group</keyword>, <a href="https://techcrunch.com/2020/07/14/ant-alibaba-1-3-billion-users">says it has 1.3 billion users</a> annually, with the majority of them based in China. The digital wallet app has expanded over the years to allow users to pay bills, hail a taxi, and make doctors appointments.Alipay and WeChat Pay, the payments arm of messaging app WeChat, are the <a href="https://www.statista.com/statistics/1126317/china-greater-bay-area-hong-kong-most-popular-mobile-payment-tools/">most-used payments apps in China</a>. QQ, a popular instant messaging app, and its payments service, QQ Wallet, are owned by WeChat parent company Tencent and are also included in the ban. The latest ban follows an executive order by the Trump administration earlier this year that banned the apps TikTok and WeChat from US app stores. The ban was a result of months of scrutiny from US lawmakers, who felt the apps' ties to China - TikTok was created by ByteDance while WeChat is produced by Tencent, both Chinese firms - made them security risks for US users.Read more: <a href="https://www.businessinsider.com/us-china-relationship-off-rails-trump-xi-jinping-hong-kong-2020-12?r=ah-sub">While you weren't looking, everything with China went off the rails</a>The attempted ban on WeChat is currently <a href="https://www.businessinsider.com/trump-wechat-ban-likely-remain-blocked-judge-stay-order-2020-10">hitting legal roadblocks</a> and is unlikely to be implemented anytime soon, while the TikTok ban <a href="https://www.businessinsider.com/second-us-judge-blocks-trump-administrations-ban-tiktok-2020-12">has been blocked by two federal judges</a>. The attepted ban on TikTok also resulted in a new, US-based TikTok business backed by <a href="https://www.businessinsider.com/tiktok-oracle-partnership-trump-china-bytedance-explainer-2020-9">US investors</a>, including Oracle and Walmart.The app bans are part of a larger Trump administration crackdown on Chinese businesses. Last month, the Trump administration <a href="https://www.businessinsider.com/us-adding-chinese-drone-company-dji-to-economic-blacklist-official-2020-12">added dozens of Chinese firms</a>, including drone-maker DJI and chipmaker SMIC, to the US government's entity list, an economic blacklist that places tight restrictions on the listed companies.The Trump administration also nudged the New York Stock Exchange to delist three Chinese firms: China Mobile, China Unicom, and China Telecom. After reversing course once on its decision, the NYSE said Wednesday it <a href="https://www.reuters.com/article/china-usa-telecom/nyse-to-go-ahead-with-delisting-three-chinese-telecom-firms-reversing-course-again-idUSL4N2JH2Z1">plans to move forward delisting the companies</a>.

Trump signed an executive order banning Alipay, WeChat Pay, and 6 other Chinese apps, calling them a threat to national security

<ul class="summary-list"><li><keyword id="9541717" type="UNKNOWN" weightage="60" keywordseo="Ant-Group">Ant Group</keyword>, the giant Chinese fintech company, was ready to embark on a historic IPO when <keyword id="1334" type="COUNTRY" weightage="60" keywordseo="China">China</keyword> intervened and shockingly ground the event to a halt, a move that was reportedly issued directly by President Xi Jinping.</li><li>The firm's prized app, <keyword id="649392" type="COMPANY" weightage="60" keywordseo="Alipay">Alipay</keyword>, is used by over 1 billion Chinese residents and is like a "combination of some of the most popular American apps," one expert said, allowing people to make payments, get a credit card, buy insurance, and even hail a taxi.</li><li>Americans can't use Alipay without a Chinese bank account, but if it were widely adopted in the US, think of it as a way to handle financial milestones across your lifetime, from opening your first checking account to purchasing car insurance.</li><li>"There's no Progressive or Geico," Blair Silverberg told Business Insider. "None of the 30-plus stops that you stopped at along the way of your financial life. You don't make any of those, it all happens through the app."</li><li>On Wednesday, President Donald Trump signed an executive order banning Alipay, WeChat Pay, and six other Chinese apps over national security concerns.</li></ul>All eyes were on the Chinese financial technology company Ant Group in early November as it was gearing up for the world's largest IPO - until it was abruptly suspended.According to a <a href="https://www.wsj.com/articles/china-president-xi-jinping-halted-jack-ma-ant-ipo-11605203556">Wall Street Journal</a> report, China's President Xi Jinping had direct input in grinding the IPO to a halt in what has become a major sign of China's ability to disrupt the plans of even one of the nation's largest private companies. China has since <a href="https://www.businessinsider.com/china-orders-ant-group-change-business-return-payment-origins-2020-12">ordered</a> Ant to overhaul its business and "return to its payment origins."Its IPO debacle aside, Ant is obviously still a big deal - and it largely has its crown jewel to thank for that: an app called Alipay.Alipay was originally an escrow payment service for Alibaba, Jack Ma's ecommerce leviathan that some have called the "Amazon of China." It was eventually spun out and has transformed into a giant in its own right. It's also still the only way customers can check out on Alibaba's retail sites, Taobao and Tmall.More than 1 billion Chinese citizens use the company's services, rendering Ant a large aspect of China's financial system and "critical to consumers every day," Matthew Schopfer, head of research at the investment firm Infusive Asset Management, told Business Insider. "It's like imagining a combination of some of the most popular American apps, all strung together in a seamlessly integrated way but with <keyword id="25455" type="ORGANIZATION" weightage="60" keywordseo="finance">finance</keyword> tied to it," Eric Schiffer, CEO of private equity firm The Patriarch Organization, told Business Insider.There's a Venmo-like payment feature that lets you send money to people and a PayPal-style service for making online payments. It lets you store money in a checking account, buy and manage insurance, receive financing, get a credit card, and even hail a taxi. You can also use the app to pay the bill at restaurants and other participating businesses by simply scanning a QR code, a feat that has bolstered Alipay's widespread adoption in China. Imagine it as a do-everything app that you can use to manage financial milestones from adolescence into retirement. Your parents could give you an allowance through the app, you could get your first credit card through it, buy a car, and pick auto insurance."There's no Progressive or Geico," Capital CEO and cofounder Blair Silverberg told Business Insider. "None of the 30-plus stops that you stopped at along the way of your financial life - you don't make any of those, it all happens through the app."Hundreds of millions of Chinese citizens don't use what you would think of as a traditional financial service or even have a credit card, and Ant Group has met them more than halfway.The online financial world as it currently stands can be "a totally fragmented universe," Silverberg said. "And if that were all in one place, like the button on your phone, that's kind of what Ant Financial has created."Alipay also makes it easier for more people to obtain credit thanks to its algorithm, which can qualify people who wouldn't normally be qualified based upon traditional creditworthiness risk profile, Schiffer said. And consumers are going to gravitate toward services that can more easily provide them with financial opportunities without going through hoops.<div type="image" title="alipay app china ant" height="1331" width="1780" msid="79224949" hostid="261"></div>"The smart fintechs of the future, and Ant being one, will be proactive in how they look at not only democratizing credit profiles but also providing opportunities to funding," Schiffer said. Alipay is not ingrained in American consumer culture as it is in China - Americans can't use Alipay without a Chinese bank account. And on Wednesday, President Donald Trump <a href="https://www.businessinsider.com/trump-bans-alipay-wechat-pay-citing-national-security-concerns-2021-1">signed an executive order banning Alipay</a> and other Chinese apps over national security concerns. The ban will go into effect 45 days after it's signed.<a href="https://www.wsj.com/articles/how-jack-mas-ant-group-went-from-business-disrupter-to-chinese-tech-champion-11595335267?mod=business_lead_pos13">The Wall Street Journal</a> has reported that Ant Group had always intended to skip over the New York Stock Exchange and only file to go public in Shanghai and Hong Kong. But US-China relations have grown increasingly strained in recent months, a fact that Schiffer said likely did play a role in Ant's decision."I think they wanted to be careful to not become the enemy of regulators by flaunting the massive raise on US soil," Schiffer said.But as Ant's IPO plans stand now, they may not resume for a while in China. And even when they do, <a href="https://www.businessinsider.com/what-happened-ant-group-ipo-jack-ma-alipay-2020-11">Ant will likely not list as the fintech disruptor it was predicted to be</a>. Instead, the company will likely rely more heavily on conservative banking methodology to comply with China's new regulations on microlending."The pure-play fintech is out the window - that's dead and buried," Schiffer said.

Alipay is like a supercharged version of popular US apps like Venmo and PayPal rolled into one, and now President Trump is banning it. Here's what you need to know about the app that is used by more than 1 billion Chinese residents.

<ul class="summary-list"><li>Chinese fintech giant <keyword id="9541717" type="UNKNOWN" weightage="60" keywordseo="Ant-Group">Ant Group</keyword> is preparing a dual public offering in Shanghai and Hong Kong, the company announced Monday.</li><li>Ant is the parent company of <keyword id="649392" type="COMPANY" weightage="60" keywordseo="Alipay">Alipay</keyword>, and was founded by billionaire <keyword id="302749" type="COMPANY" weightage="60" keywordseo="Alibaba">Alibaba</keyword> cofounder <keyword id="424838" type="PERSON" weightage="60" keywordseo="Jack-Ma">Jack Ma</keyword>. Its public offering would bypass a New York listing as tensions rise between the US and <keyword id="1334" type="COUNTRY" weightage="60" keywordseo="China">China</keyword>.</li><li>The company is reportedly seeking a $200 billion valuation, which could make it one of the largest public offerings in history. </li></ul>Ant Group, the Chinese fintech firm founded by billionaire Jack Ma, is preparing dual public offerings in Shanghai and Hong Kong, the company announced Monday.With a <a href="https://www.wsj.com/articles/jack-mas-ant-financial-raises-14-billion-1528428455">reported valuation</a> of $150 billion, Ant — which owns popular fintech platform Alipay — is one of the most valuable unicorns in the world. Sources told <a href="https://www.wsj.com/articles/jack-mas-ant-group-plans-dual-ipos-in-shanghai-hong-kong-11595240151?st=4s7esu00l9w3l97&amp;reflink=article_copyURL_sharehare">The Wall Street Journal</a> and <a href="https://www.bloomberg.com/news/articles/2020-07-20/jack-ma-s-ant-plans-simultaneous-ipos-in-hong-kong-shanghai?srnd=technology-vp">Bloomberg</a> that Ant will seek a $200 billion valuation for its IPO, which could be one of the most valuable public offerings in history.Ant's dual listing would bypass a public offering in New York as geopolitical tensions rise between the US and China. Washington recently imposed sanctions on China after it implemented a far-reaching <a href="https://www.wsj.com/articles/u-s-sanctions-on-hong-kong-security-law-puts-banks-in-a-quandary-11594825638">national security law</a> in Hong Kong, and US lawmakers have <a href="https://www.wsj.com/articles/u-s-moves-to-audit-chinese-firms-market-frets-over-what-comes-next-11590485401">moved to kick Chinese companies off US stock exchanges</a> unless they submit to audits.Ant has not clarified a timeline for its public offering. The firm said in a <a href="http://www.antfinancial.com/newsDetail.html?id=5f155a83b6ec8b04c5266c7a">statement</a> that the listings "will help the company accelerate its goal of digitizing the service industry in China and driving domestic demand.""Becoming a public company will enhance transparency to our stakeholders, including customers, business partners, employees, shareholders and regulators. Through our commitment to serving the under-served, we make it possible for the whole of society to share our growth," executive chairman Eric Jing said.Alibaba, the popular web retailer also founded by Ma, owns 33% of Ant's shares. Alibaba had one of the largest public offerings in history at the time with a $25 billion valuation. Its market capitalization has since <a href="https://www.wsj.com/articles/jack-mas-ant-group-plans-dual-ipos-in-shanghai-hong-kong-11595240151?st=4s7esu00l9w3l97&amp;reflink=article_copyURL_sharehare">grown</a> to roughly $660 billion.

Jack Ma's newest venture is planning a $200 billion IPO — and it could be the largest public offering in history

San Francisco/New Delhi, Taking India's example of banning more than 200 Chinese <keyword id="6354741" type="UNKNOWN" weightage="20" keywordseo="Apps">apps</keyword>, US President <keyword id="6354484" type="PERSON" weightage="20" keywordseo="Donald-Trump">Donald Trump</keyword> has signed a new executive order that blocks transactions with Chinese companies running eight apps, including Jack Ma-owned Ant Group's Alipay, Tencent's QQ and <keyword id="1160904" type="COMPANY" weightage="20" keywordseo="WeChat">WeChat</keyword> Pay <keyword id="6371395" type="UNKNOWN" weightage="20" keywordseo="applications">applications</keyword>. Transactions will be prohibited in 45 days, said the order. Other apps include CamScanner, QQ Wallet, SHAREit, Tencent QQ, VMate, WeChat Pay, and <keyword id="2763436" type="COMPANY" weightage="20" keywordseo="wps-office">WPS Office</keyword> -- which are already banned in India. "The Government of India has banned the use of more than 200 Chinese connected software applications throughout the country; in a statement, India's Ministry of Electronics and Information Technology asserted that the applications were stealing and surreptitiously transmitting users' data in an unauthorised manner to servers which have locations outside India," <keyword id="6354862" type="COMPANY" weightage="20" keywordseo="trump">Trump</keyword> wrote in his new executive order. The new executive order follows two earlier ones from Trump in August last year where he tried to ban transactions with <keyword id="3749909" type="COMPANY" weightage="20" keywordseo="Bytedance">ByteDance</keyword>, TikTok's parent company, and WeChat. However, a judge blocked the WeChat ban in September and in October, a judge granted a preliminary injunction stopping the TikTok ban in December. "The pace and pervasiveness of the spread in the United States of certain connected mobile and desktop applications and other software developed or controlled by persons in the People's Republic of China, to include Hong Kong and Macau (China), continue to threaten the <keyword id="113687" type="ORGANIZATION" weightage="20" keywordseo="national-security">national security</keyword>, foreign policy, and economy of the United States," the executive order further read. "The US must take aggressive action against those who develop or control Chinese connected software applications to protect our national security." The Trump order said that "the continuing activity of the PRC and the CCP to steal or otherwise obtain United States persons' data makes clear that there is an intent to use bulk data collection to advance China's economic and national security agenda". On June 29 last year, the government banned 59 Chinese apps in the first lot, including TikTok, WeChat, UC Browser and Xiaomi's Mi Community, over national security concerns amid the border tussle in Eastern Ladakh which led to the death of 20 Indian soldiers in a bloody clash with Chinese PLA troops in the Galwan Valley in June 2020. Other Chinese apps in the banned list were Club Factory, SHAREit, Likee, Mi Video Call (Xiaomi), Weibo, Baidu, BIGO LIVE and more. In July, the government barred 47 Chinese apps from operating in the country, which were largely clones of the 59 apps that were banned in June. The Indian government on September 2 banned 118 apps on national security concerns, including the immensely popular PlayerUnknown's Battlegrounds (PUBG) Mobile, Baidu and couple of virtual private networks that allowed access to TikTok that was banned earlier. Continuing with its ban orders on Chinese apps, the Indian government in November blocked 43 new mobile apps, including shopping website AliExpress owned by e-commerce behemoth Alibaba. SEE ALSO: <a href="https://www.businessinsider.in/science/health/news/here-are-the-top-10-virus-and-diseases-that-could-cause-the-next-pandemic-if-they-arent-stopped-in-their-tracks/slidelist/80116787.cms">Diseases deadlier than COVID-19 are already in the making — here are the top ten candidates that could cause the next pandemic</a> <a href="https://www.businessinsider.in/stock-market/news/analysts-explain-why-burger-king-and-mrs-bectors-shares-fell-with-a-thud-and-what-to-do-now/articleshow/80120941.cms">Analysts explain why Burger King and Mrs Bector’s shares fell with a thud — and what to do now</a> <a href="https://www.businessinsider.in/stock-market/news/top-stocks-to-watch-bajaj-finance-hdfc-bank-beml-indigo-godrej-consumer-hero-moto-and-others/articleshow/80126217.cms">Top stocks to watch — Bajaj Finance, HDFC Bank, BEML, IndiGo, Godrej Consumer, Hero Moto, and others</a> <a href="https://www.businessinsider.in/business/startups/news/boat-raises-over-100-million-from-warburg-pincus-analysts-expect-the-headphone-brand-to-double-its-revenue-to-10-billion-this-financial-year/articleshow/80126200.cms">boAt raises over $100 million from Warburg Pincus — analysts expect the headphone brand to double its revenue to ₹10 billion this financial year</a>

After India, US President Donald Trump blocks eight Chinese apps including Alipay, WeChat Pay and Tencent's QQ

Several investors have lined to rake in money in <keyword id="964794" type="COMPANY" weightage="20" keywordseo="BigBasket">BigBasket</keyword> and latest to join the list is Chinese ecommerce giant <keyword id="302749" type="COMPANY" weightage="20" keywordseo="Alibaba">Alibaba</keyword>. As per various reports, Alibaba, <keyword id="4225623" type="UNKNOWN" weightage="20" keywordseo="Paytm-Mall">Paytm Mall</keyword>, Temasek Holdings, Fosun Group, etc, are in fundraising talks with BigBasket. Also, Alibaba has shown interest in picking up a stake in BigBasket. ET quoted sources as saying Alibaba-Paytm Mall combine have offered to invest $200 million in BigBasket at a valuation of nearly $900 million post the investment. Meanwhile, Fosun's venture capital arm Kinzon Capital is in discussions with BigBasket for co-investment in the ongoing funding round with a cheque of $20-30 million. "It is for the founders to decide who they would like to go with," ET quoted sources as saying. Alibaba and <keyword id="649392" type="COMPANY" weightage="20" keywordseo="Alipay">Alipay</keyword> own over 50% stake in Paytm Mall and have been focussing on investments in grocery and physical retail investments across the globe. "As matter of policy, we do not comment on market speculation and rumours," an associate on behalf of Temasek said in response to ET's queries. Apart from Alibaba, Amazon is also concentrating on the online grocery market in India. The company is likely to begin directly selling groceries and other food products online after recently securing the government's approval for its proposed $500-million foreign direct investment in the business.

BigBasket valuation may touch $900 million; Here’s how it is set to become bigger

As an alternative, messaging apps are turning into a new platform, subsuming the role played by the mobile operating system. This is like the pattern in the mid '90s, when the browser supplanted the desktop OS as the new platform. Pretty much as websites supplanted client applications then, messaging bots will supplant mobile apps now. Bots, along these lines, are the new apps. The bot store is the new <keyword id="115504" type="ORGANIZATION" weightage="20" keywordseo="App-Store">app store</keyword>. 
 Then came—MyKai, a <keyword id="6357722" type="COMPANY" weightage="20" keywordseo="silicon-valley">Silicon Valley</keyword> <keyword id="138263" type="UNKNOWN" weightage="20" keywordseo="startup">startup</keyword> with an AI fuelled <keyword id="6355546" type="UNKNOWN" weightage="20" keywordseo="chatbot">chatbot</keyword>. It can be reached through Facebook Messenger, Slack, or text and can make some financial management tasks somewhat simpler. Users can associate their bank and Venmo accounts to the <keyword id="3748092" type="UNKNOWN" weightage="20" keywordseo="MyKai">MyKAI</keyword>, and get information about their accounts. It sounds somewhat senseless, and it's something that should be possible without a chatbot, however what MyKAI is putting forth is speed. 
 
Unless you've as of now been keeping track, it would take a long time to go through your bank account statement to calculate precisely the amount you spent on gas or eating out in a month or year. All the more dependably, the chatbot can likewise let you know the amount you've spent on any given day, or what number of payments you made over a specific amount of money. By simply posing a question to MyKAI, you can get that data inside a minute. 
 
Not just that, now you can make financial transactions as well. I felt a little uneasy on the privacy side before installing the app. But then I couldn’t control and finally I did to understand its working. It reads your bank account statements to tell you how much you’re spending on fuel, food and other things. Adding fuel to AI, the app asked my permission to link my Venmo account so that I can send money to people instantly. Further you can sync this app with your facebook messenger, slack etc and start chatting with the bot. 
 Again, we can take a gander at WeChat as an example. In addition to payments to friends and shippers, WeChat offers savings accounts and personal loans. More than 10 million people save with WeChat, with over US$16. Rival <keyword id="649392" type="COMPANY" weightage="60" keywordseo="Alipay">AliPay</keyword> has $94BN under management. Neither of them has been in market with this product for more than three years. 
 The Internet changed in 2008 when <keyword id="6354427" type="CITY" weightage="20" keywordseo="Apple">Apple</keyword> launched the App Store. Today more than 1 billion apps have been downloaded and apps are a fundamental part of each bank's user experience. The Internet is changing again. Banks need to change their functioning. Keep in mind, technological change is exponential, not linear.

This chatbot can transfer money,
make payments and notify you if you’re spending more

<keyword id="181441" type="COMPANY" weightage="100" keywordseo="One97-Communications">One97 Communications</keyword>, the mobile internet company running the mobile payment and ecommerce platform <keyword id="6357120" type="UNKNOWN" weightage="100" keywordseo="PayTM">Paytm</keyword>, is said to be looking forward to raising fresh funding of about Rs 2,000 crore ($300 million) from Taiwanese semiconductor maker MediaTek, American multinational banking firm Goldman Sachs, Singapore government owned investment company Temasek and other investors. 
 
If everything goes as planned, Paytm would be valued at $5 billion, which is more than double of its present valuation ($2.3 billion) as per last round of capital infusion that took place in June this year. 
 
Also read: <a href="http://www.businessinsider.in/War-against-Cash-Paytms-story-so-far/articleshow/53264524.cms">War against Cash – Paytm's story so far</a> 
 
The funding round would also be seeing the participation of existing Paytm investors, like Chinese internet giant <a href="http://www.businessinsider.in/Alibaba-reportedly-in-talks-to-acquire-Shopclues/articleshow/53751816.cms">Alibaba</a>, its payments affiliate Alipay, and venture capital firm SAIF Partners. 
 
"The new round is expected to value the company at close to $5 billion," one of the sources aware of the developments told <a href="http://economictimes.indiatimes.com/small-biz/startups/paytm-in-talks-to-raise-rs-2000-crore-from-goldman-sachs-temasek-mediatek/articleshow/53895706.cms">ET</a>. (S)he added that the money raised would be distributed amongst all of Paytm's businesses, viz. digital payments, online marketplace and the upcoming <a href="http://www.businessinsider.in/Paytm-plans-to-start-Indias-first-payments-bank/articleshow/48956681.cms">payments bank</a>. 
 
If the deal takes place, it will be listed as 2016’s biggest round of finance in the country’s broader technology and internet space, leaving behind the $200 million that <a href="http://www.businessinsider.in/It-is-going-to-be-a-bumper-festive-season-for-Snapdeal-as-it-raised-21-million/articleshow/53869562.cms">Snapdeal </a>raised and $150 million that Bigbasket raised. 
 
Also read: <a href="http://www.businessinsider.in/20-Top-funded-Indian-Startups-in-2016-so-far/articleshow/53490954.cms">20 Top funded Indian Startups in 2016 so far</a> 
 
The present ownership of One97 includes CEO <a href="http://www.businessinsider.in/Paytm-founder-Vijay-Shekhar-Sharma-to-dilute-stake-for-payment-bank/articleshow/49723101.cms">Vijay Shekhar Sharma</a> holding 21.33% stake, SAIF Partners holding 30.81% stake, Alibaba holding 8.53%, and Alipay being the single largest shareholder with a 32.41% holding. 
 
<a href="http://www.hindustantimes.com/rf/image_size_640x362/HT/p2/2016/02/18/Pictures/office-wednesday-january-january-sharma-shekhar-hindustan_a76a58a2-d66c-11e5-9f67-7d8bb840e754.jpg">Image source</a>

Paytm might raise Rs 2,000 crore in next funding, to be valued at $5 billion

<a href="http://www.businessinsider.in/searchresult.cms?query=Uber&amp;sortorder=effectivedate">Uber</a>, <a href="http://www.businessinsider.in/searchresult.cms?query=Paytm&amp;sortorder=effectivedate">Paytm</a> and <a href="http://www.businessinsider.in/searchresult.cms?query=Alipay&amp;sortorder=effectivedate">Alipay</a> announced a partnership today to allow Indian travelers to request and pay for <keyword id="1042120" type="PERSON" weightage="60" keywordseo="Uber">Uber</keyword> rides globally. This will allow <keyword id="6357120" type="UNKNOWN" weightage="100" keywordseo="PayTM">Paytm</keyword> and <keyword id="649392" type="COMPANY" weightage="80" keywordseo="Alipay">Alipay</keyword> users to hail a cab in all 400+cities Uber operates in. 
 
“We’ll let Indians travel globally and continue to pay using our Wallet as a payment option. They need not be bothered about foreign currency or payment systems. That’s the beauty of it”, <a href="http://www.businessinsider.in/searchresult.cms?query=Vijay+Shekhar+Sharma&amp;sortorder=effectivedate">Vijay Shekhar Sharma</a>, founder-CEO, <a href="http://www.businessinsider.in/searchresult.cms?query=Paytm&amp;sortorder=effectivedate">Paytm</a> said. 
 
<a href="http://www.businessinsider.in/searchresult.cms?query=Alipay&amp;sortorder=effectivedate">Alipay</a> and Paytm’s combined user-base is over 600 million, with Paytm contributing around 130 million. With over 150 million Chinese and approx 50 million Indians travelling abroad every year, this deal is important for both Alipay and <a href="http://www.businessinsider.in/searchresult.cms?query=Paytm&amp;sortorder=effectivedate">Paytm</a> in their efforts to go global. 
 
The API integration is currently underway, and would be done by the end of the month. That means you can expect to book an <a href="http://www.businessinsider.in/searchresult.cms?query=Uber&amp;sortorder=effectivedate">Uber</a> Black on your next trip to the US.

You Searched For "Alipay" and got 11 results

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BigBasket valuation may touch $900 million; Here’s how it is set to become bigger

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This chatbot can transfer money, make payments and notify you if you’re spending more

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Paytm might raise Rs 2,000 crore in next funding, to be valued at $5 billion

BI India Bureau

You can now book Uber rides globally using Paytm Wallet

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