Ant and Tencent halt bank deposit shopping as Beijing cracks down

Ant and Tencent halt bank deposit shopping as Beijing cracks down

Ant Group's Hangzhou Headquarters. Source: Ant Group

China’s leading fintech companies such as Alibaba Group Holding affiliate Ant Group have removed smartphone app features that allow users to shop around for bank deposits that offer high rates, as concerns mount over their impact on the country’s financial industry.

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