WASHINGTON, Oct 15 — The US State Department has submitted a proposal for the Trump administration to add China’s Ant Group to a trade blacklist, according to two people familiar with the matter, before the financial technology firm is slated to go public. It was not immediately clear when the...
Thursday, 15 Oct 2020 07:02 AM MYT
It was not immediately clear when the US government agencies that decide whether to add a company to the so-called Entity List would review the matter. The Trump officials fear Ant could potentially give the Chinese government access to sensitive banking data belonging to US users. While curbing access to US technology deals a blow to companies like Chinese telecoms giant Huawei Technologies , which was added in May 2019, its impact on a fintech giant like Ant Group is likely to be more symbolic.
Ant’s Alipay payment platform, like Tencent’s WeChat’s platform, is used primarily by Chinese citizens with accounts in renminbi. Most of its US interactions are with merchants accepting payment from Chinese travellers and businesses in the country.
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