alipay

Catch up with China 1. Sam Altman’s plan for a $7 trillion-worth semiconductor empire includes building dozens of chip fabrication plants with money from Middle East investors, then having the Taiwanese chipmaker TSMC run them. (Wall Street Journal $) 2. A former TikTok executive is suing the company for unlawfully firing her due to what they called a lack of “docility and meekness.” (Financial Times $) 3. If he’s reelected, Donald Trump is promising a 60% tariff on all Chinese imports. If that actually happens (big…

Ant Group Co. finished a procedure to remove controlling stakeholders almost a year after billionaire Jack Ma promised to cede his dominance of the Chinese finance giant. As part of the process, the People’s Bank of China granted an application to remove any controlling shareholders at Ant’s Chinese payment platform Alipay, according to a statement from the central bank. The bank now lists Ant’s Alipay as a firm without an actual controller. Elevate Your Tech Prowess with High-Value Skill CoursesOffering…

 Ant Group Co. finished a procedure to remove controlling stakeholders almost a year after billionaire Jack Ma promised to cede his dominance of the Chinese finance giant. As part of the process, the People's Bank of China granted an application to remove any controlling shareholders at Ant's Chinese payment platform Alipay, according to a statement from the central bank. The bank now lists Ant's Alipay as a firm without an actual controller. Ma, co-founder of Alibaba Group Holding Ltd., announced his retreat from Ant…

China has barred millions of customers from mobile payment apps as defaults made by borrowers reach a record high. According to a report by the Financial Times, 8.5 million Chinese users (mostly between 18 and 59) have been blacklisted from digital payment apps for missing payments on mortgages and business loans. The number of defaulters has gone up from 5.7 million in early 2020 when the country went through an economic downturn caused by the Covid-19 pandemic.China’s laws against defaultersAs per the report, Chinese…

Chinese payments giant Alipay has initiated a $400 million accelerated bookbuild to divest its stake in the prominent Indian food delivery firm, Zomato, according to the term sheet released on Wednesday. This move follows a previous report by Reuters on Tuesday, indicating Alipay’s intention to sell its 3.4 per cent stake in Zomato through block deals on Indian stock exchanges. Alipay, a subsidiary of Ant Group, is set to offload its entire 3.44 per cent stake in Zomato through this deal, as per…

Chinese payments group Alipay plans to sell its 3.4 percent stake in Indian food delivery giant Zomato for nearly $400 million (nearly Rs. 3,333 crore) through block deals on Indian stock exchanges, according to three sources and a Reuters review of the deal's term sheet.Alipay, owned by Ant Group, will offload its entire 3.44 percent stake in the deal, the term sheet seen by Reuters showed.Bank of America and Morgan Stanley are advisers on the deal, which is likely to be executed later this week on Indian exchanges, said…

China's Central Bank said in statements on Friday that Chinese payment giants Alipay and Tenpay have been fined and their illegal income has been confiscated.Ant Group's Alipay was slapped with a fine of 3.01 billion yuan ($416 million) while Tencent Holdings Ltd's Tenpay was fined 2.99 billion yuan, the central bank said. Separately, Ant Group has been fined 7.12 billion yuan for violating laws concerning consumer protection and corporate governance.Discover the stories of your interestDon’t miss out on ET Prime stories!…

Ant Group on Saturday announced a surprise share buyback that values the fintech giant at $78.54 billion, well below the $315 billion touted in an abandoned IPO in 2020, in a move that may let some investors exit after a lengthy regulatory overhaul of the firm.The news came one day after Ant was fined $984 million, which should end a years-long regulatory shake-up of the company and mark a key step to concluding a crackdown on the country's internet sector.Ant said it had proposed to all of its shareholders to repurchase…

Getty Images / StefanSTUDIONBA fans in China can access original online content on Alibaba's Alipay payment platform, including an NBA channel that features user-generated content from local influencers. Under a new partnership between NBA China and Alibaba's fintech business Ant Group, "customized" experiences will be produced for fans of the sport as well as users of Ant's digital platforms. These will include original video content, joint membership, and digital collectibles. The collaboration would facilitate…

NBA fans in China can access original online content on Alibaba's Alipay payment platform, including an NBA channel that features user-generated content from local influencers. Under a new partnership between NBA China and Alibaba's fintech business Ant Group, "customised" experiences will be produced for fans of the sport as well as users of Ant's digital platforms. These will include original video content, joint membership, and digital collectibles. The collaboration would facilitate NBA's digital engagement with its…