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China says Ant Group measures will be imposed on other payment companies

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BEIJING (Reuters) – China’s central bank said on Thursday that anti-monopoly measures applied to fintech affiliate of e-commerce giant Alibaba, Ant Group, would also be imposed on other payment services companies.

China suspended the Ant Group’s scheduled $ 37 billion listing in November last year amid growing concerns over banks using third-party technology platforms like Ant for loan underwriting amid fears of an increase in defaults and a deterioration in asset quality.

Chinese regulators, led by the central bank, in April imposed a radical restructuring on the fintech giant, forcing it to transform into a financial holding company and sever the links between its payment app Alipay and its other activities.

“Monopolistic behavior does not only exist in the Ant group, but also in other institutions,” Fan Yifei, vice-governor of the People’s Bank of China (PBOC), said at a press conference in Beijing. .

Fan added that the measurements will be revealed soon, without further details.

Fan said that the speed of development of China’s payments industry has been “rapid” in recent years, but at the same time there are “monopolies and excessive capital expansions during (its) development. “.

(Reporting by Tina Qiao, Cheng Leng and Ryan Woo; Editing by Kim Coghill and Kenneth Maxwell)

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