The Wall Street Journal with a piece on the curtailment on the use of payment apps (by firms such as TenCent and Ant) to drive financing
New guidelines from regulators
- will limit tech firms' ability to channel funds from their payment apps into lending and money-management activities
- to limit the use of the payment apps by the corporate sector
This will slow the growth of Chinese Big Tech's payment business. In addition, the People's Bank of China wants to get into the firms' data, to access consumer-credit data
