![]() China policy is one of the more complicated areas for Biden as his team weighs which policies to leave in place amid simmering tensions with Beijing. to continue our mission to secure the nation, the economy, and the people of the United States,” Commerce Secretary Wilbur Ross said in a statement.īut with the order not going into effect until next month, it will fall to the incoming Biden administration to decide whether to enforce it or rescind it. “I stand with President Trump’s commitment to protecting the privacy and security of Americans from threats posed by the Chinese Communist Party, and the Department of Commerce will leverage the authorities of the E.O. SHAREit allows users to transfer files from one device to another CamScanner can be used as a PDF scanner Tencent QQ is a messaging app VMate is a video editing app WeChat Pay can be used within the WeChat messaging app to make payments while AliPay is another payment app and WPS Office is an app akin to Microsoft Office. ![]() The president cited past cyber attacks connected to China, including a 2014 hack of the Office of Personnel Management and the 2017 Equifax hack that compromised the personal information of millions of Americans. “The United States has assessed that a number of Chinese connected software applications automatically capture vast swaths of information from millions of users in the United States, including sensitive personally identifiable information and private information, which would allow the and access to Americans’ personal and proprietary information,” Trump said in the order. The order builds on previous efforts by Trump to outlaw the use of WeChat and TikTok on similar grounds. The order, which goes into effect in 45 days, prohibits transactions with Alipay, CamScanner, QQ Wallet, SHAREit, Tencent QQ, VMate, WeChat Pay, and WPS Office. The State Council, the central bank, Ant and Tencent did not respond to requests for comment.President Trump on Tuesday issued an executive order banning transactions with eight Chinese apps, citing concerns about data privacy. Meanwhile, the two companies are asking the government to prevent a probe, the news service reported. The sources, who insisted on anonymity, said the State Council is reportedly taking the central bank’s recommendation seriously, but deliberations are confidential. “Through our commitment to serving the under-served, we make it possible for the whole of society to share our growth.” “Becoming a public company will enhance transparency to our stakeholders, including customers, business partners, employees, shareholders and regulators,” Ant Group Executive Chairman Eric Jing said in the announcement. If approved, the combined offering, with a valuation of more than $200 billion, is likely to be one of the largest in history. Last week, the company said the dual China listings would fuel its mission to speed digitization of the nation’s service industry, drive domestic demand, position it to develop global markets and further invest in technology and innovation. The mobile banking market reported 56.2 trillion yuan ($8 trillion) worth of transactions in the fourth quarter of 2019, according to Analysys Mason, the London-based global research firm.Īn investigation could chill prospects for Ant Group’s plans to file an initial public offering (IPO) on Shanghai’s Nasdaq-style STAR Market and the Hong Kong Stock Exchange. COVID-19 and its aftermath moved the country from cash to online payments. There are estimates that the companies capture all but 6 percent of the digital payment market with Alipay at 55 percent while WeChat Pay has 39 percent. The People’s Bank of China, the nation’s central bank that regulates financial institutions, has alleged the digital payment companies have used their strong positions to crush competition, sources told the news service.įor more than a month, the government’s antitrust watchdog has been gathering information on Ant Group’s Alipay, the online payments arm of Alibaba Group Holding Ltd., China’s eCommerce superstore, and WeChat Pay, a division of Tencent Holdings Ltd., Reuters reported. China’s State Council’s Anti-Monopoly Commission is considering investigating Alipay and WeChat Pay, two of the county’s biggest online payment and money transfer platforms, Reuters reported.
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