Ali Hasan
Now we know that Jack Ma is alive and he isn’t missing but this doesn’t mean that his troubles are over and everything’s fine for him. Now the Chinese regulators want his company Ant Group to share their consumer’s data with them. They want the consumer credit-card information which the company has largely resisted for many years.
In China, Alipay is used by a lot of people and has a user base of more than a billion people. The regulators know that it can be a good source of information regarding how users spend, borrow or invest their money. Utilizing that massive amount of information, Ma’s Ant Group has made loans to half a billion people, and has worked with 100 commercial banks on supplying most of that funding, WSJ writes.
Those arrangements have seen the banks taking most of the risks of borrowers defaulting, with Ant taking the profits as a middleman and authorities want to overturn that model. The model, it says is dangerous to the country’s financial system. They want to make Ant utilize more of its own funds and also break what they say is the company’s monopoly over data.
Ma has little room to bargain at this point after the drubbing his empire has taken in recent months. The much-heralded Ant Group IPO, proposed to go for $35 billion in both Shanghai and Hong Kong, was shot down by President Xi Jinping personally after Ma’s statements criticizing government regulations on big tech.
Then, in addition, Chinese regulators announced more crackdowns imminent for large tech companies, particularly singling out Ma’s companies, asking them to move more toward payments and be less focused on other adjacent areas of commerce.
China might be on the verge of becoming a superpower by replacing the USA with the help of its global domination plans but it isn’t a democratic one by any means. If a billionaire criticizes his country because something isn’t good then it must be matter of debate, not a matter of controversy.
It’s really sad to see what the communist party of china has done to their country and its citizen that a person can’t even criticize his country, not even a billionaire like Jack Ma. Let’s just hope for the best for him and his companies.
