China’s regulators are trying to get Jack Ma to do something the
beleaguered billionaire has long resisted: share the troves of
consumer-credit data collected by his financial-technology behemoth.To
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Ma has little room to bargain after the business empire he has built
over decades has landed in the crosshairs of regulators and even
President Xi Jinping, partly reflecting Beijing’s concern that the
flamboyant entrepreneur has been too focused on his business fortunes
rather than the state’s goal of controlling financial risks.
Central to the crackdown on Ant Group Co., in which Ma is the
controlling shareholder, is what regulators view as the unfair
competitive advantage the company has over small lenders or even big
banks through swaths of personal data harnessed from its payment and
lifestyle app Alipay.
The app, used by more than a billion people, has voluminous data on
consumers’ spending habits, borrowing behaviors and bill- and
loan-payment histories.
The Wall