New Delhi : Alibaba Group owner Jack Ma, who is among the richest businessmen in China, has been missing for the last two months, so far, there is no confirmation in this regard. However, the speculation and discussion after his disappearance is hot. Sometimes there is news of his arrest in a report, sometimes it is told that he has distanced himself from public life. In the meantime, a news has come which exposes the intentions of the Chinese government. A report by the US newspaper Wall Street General has claimed that China wants Jack Ma to hand over all the data of his company’s real earnings i.e. the users data of his company.
According to an exclusive report by the English website Wall Street General, China’s regulators are trying to get Jack Ma to share user-credit data collected through his giant financial-technology company. Chinese regulators have been pressing for this for quite some time. After this pressure from the Chinese regulator and the dispute with President Jinping, Jack Ma had little choice. Dragon is worried that Jack Ma’s focus is on constantly increasing his business by controlling the financial threat, while China does not want to, as it aims to control the financial crisis.
Jack Ma’s goal is different from China
The report said that in the eyes of the Chinese regulator, ANT Group, a company controlled by Jack Ma, is spoiling China’s financial system. This company has complete data from people’s habits to take and repay loans. Through these data, the company takes advantage of the business by playing the role of middleman in loan transactions. Jack Ma transacts loans through his Alipay app and earns profit as a middleman. The app, used by over a billion people, contains data on consumers’ spending habits, lending behavior, and the history of bill-paying and loan-payment.
Jack Ma earns a lot of money by being a middleman
The report said that the ANT Group, which is equipped with this information, has given loans to about half a billion people and has taken a major part of this funding from about 100 banks. That is, Jack gives the loan from the mother bank to the people through his app. With such an arrangement, borrowers are at the highest risk of defaulting, while ANT company is making profit as middlemen. ANT Group has created Alipay, which is a mobile payment system (mobile wallet) in China. The company has also invested in Paytm in India.
It has also been reported that China attempted to change Jack Ma’s business model and wanted to end his company’s monopoly over data. But there are reports that Jack Ma refused to do so, after which the Chinese government started taking action. China began operations on Jack Ma’s e-commerce company Alibaba and its financial business arm ANT Group.
China’s market regulator says that it has initiated this action against Alibaba to try to monopolize the market. Due to the action of the Chinese government, there is such fear in the companies that in just two days, the big companies of China have lost about Rs 15 lakh crore. It is believed that due to this action, Jack Ma is prohibited from leaving the country and has been under house arrest.
