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The U.S. Sets Its Eyes on Chinese Fintech Companies

Oct 15, 2020 | 16:08 GMT
A close-up view shows the Alipay logo in Ant Group’s office in Shanghai, China, on Aug. 28, 2020.

A close-up view shows the Alipay logo in Ant Group’s office in Shanghai, China, on Aug. 28, 2020. 

(HECTOR RETAMAL/AFP via Getty Images)

The U.S. government will likely increase restrictions on the use of Chinese payment systems in the United States, but any decisions regarding broader action on Chinese data acquisition is unlikely ahead of the U.S. election in November. On Sept. 30, senior Trump administration officials reportedly discussed imposing new restrictions on WeChat Pay and Alipay -- the two payment apps owned by the Chinese fintech giants Tencent and Ant Group, respectively. Some White House officials have advocated for wider restrictions that could affect the use of the payment apps outside the United States as part of the administration’s push to limit China’s overall access to the U.S. market due to national security concerns. But any initial U.S. restrictions will likely be limited to WeChat Pay and Alipay’s specific use in the United States and its access to U.S. technology in order to limit the risk of provoking Chinese retaliation and/or self-inflicted...

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