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Xi s China takes a leftward turn - The Hindu BusinessLine
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Tencent is taking a quiet path through the confusion of Chinese technology
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Alibaba Group co-founder and executive chairman Jack Ma attends the World Artificial Intelligence Conference (WAIC) in Shanghai, China, September 17, 2018. Picture taken September 17, 2018. REUTERS/Aly Song
HONG KONG (Reuters Breakingviews) - The future of China’s financial super-apps has been thrown into question. The central bank is defining unhealthy dominance in specific market-share terms, while emphasising the separation of digital payments from interest-bearing accounts. That complicates efforts to cross-sell more profitable financial services and threatens Ant and Tencent’s business models.
Following Beijing’s abrupt crackdown on financial technology last year that derailed Ant’s $37 billion initial public offering, the People’s Bank of China on Wednesday spelled out its competition concerns more precisely. If a non-bank operator controls over half a market, it will be subject to further scrutiny. Similar guidelines apply if two or three companies do