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Chinese regulators have already ordered Ant to separate the back end of its two lending firms, Huabei, which looks like a traditional credit card, and Jiebei, which offers small, unsecured loans, from the rest of its financial offerings and bring in outside shareholders.
Officials now want to split the two companies into a standalone app, too.
The plan will also see Ant hand the user data that supports its lending decisions to a new credit-logging joint venture that will be partly owned by the state, according to two people familiar with the process.
“The government thinks that the power of the big tech monopoly comes from its control over data,” said a person close to financial regulators in Beijing. “She wants to end it.”
The move could slow Ant’s lending business, with Huabei and Jiebei’s explosive growth partly boosting its planned IPO last year. CreditTech, which includes the two units, outperformed Ant’s core payment processing business for the first time in the first half of 2020, to account for 39 percent of group revenue.
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