Reuters Exclusive: China's top antitrust agency is looking at whether to launch a probe into Alipay and WeChat Pay, prompted by the central bank which argues the firms have used their dominant positions to quash competition, sources said.
Reuters: The State Council's anti-trust committee has been gathering information on Alipay, owned by Ant Group which in turn is an affiliate of Alibaba Group Holding Ltd, as well as on Tencent Holdings Ltd's WeChat Pay for more than a month, they said.
Reuters: The anti-monopoly committee has not made a decision about whether to proceed with an investigation, the sources said and it was not clear when a decision might be made. One source said the committee is taking the People's Bank of China's recommendation "very seriously".
Reuters: China's mobile banking market logged some 56.2 trillion yuan ($8 trillion) worth of transactions in last three months of 2019, according to consultancy Analysys. It estimates Alipay has 55% market share and Tencent's fintech business, most of which is WeChat Pay, has 39%
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