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China Tech Digest: Alipay Removes Internet Deposit Product From App


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Ant Group takes the initiative to delist all Internet deposit products
Ant Group takes the initiative to remove Internet deposit products, which are now only visible to existing users who have purchased products. The deposit products of many banks under the Bank Deposit function of the Alipay APP are no longer sold.
The relevant person in charge of the Ant Group stated that in accordance with regulatory requirements for the Internet deposit industry, Ant currently takes the initiative to remove all Internet deposit products on the platform. It won’t affect users who hold the product now.
Alipay is the first Internet platform to remove deposit products after Sun Tianqi, director of the Central Bank’s Financial Stability Bureau, once again discussed the issue of deposits on third-party Internet platforms on December 15. ....

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