image credit: markus119 / Flickr

Chinese regulators consider AliPay and WeChat antitrust probe

August 4, 2020


According to Reuters sources, the State Council has gathered evidence on the two firms for more than a month.

It plans to investigate whether the payments giants have used their dominant market position to prevent competition from gaining a significant foothold in China.

Both Alipay, owned by Ant Group and Alibaba, and Tencent Holding’s WeChat Pay are lobbying government officials to prevent the probe.

The investigation would be ill-timed for Ant Group, as it pursues a dual listing in Hong Kong and Shanghai. The firm is seeking a $200 billion valuation.

Read More on Banking Technology