Jack Ma’s “treasure” was on the Chinese government’s eye, not given the bad days that started
Chinese agencies wanted Ti Jack Ma to share consumers’ credit data with the government. This data has been collected by Jack Ma’s financial company years later. China’s financial regulator wanted Jack Ma’s company Ant Group to hand over consumer credit data to millions of its customers.
The disappearance of Chinese billionaire and Alibaba chairman Jack Ma is now slowly being filtered out. The Chinese government wanted to get the data of its consumers from Jack Ma. Jack Ma was not ready for it, after which he was reported missing.
In today’s world, the value of data against the dollar is not low. Data is the source for any industrialist to earn dollars.
According to the US newspaper The Wall Street Journal, Chinese agencies wanted The Jack Ma to share consumers’ credit data with the government. This data has been collected by Jack Ma’s financial company years later. China’s financial regulator wanted Jack Ma’s company Ant Group to hand over consumer credit data to millions of its customers. The mejority share of this company is with Jack Ma.
Jack Ma used his influence to try to avoid constant pressure from Chinese regulators. But after President Xi Jinping’s entry in the case, Jack Ma had little choice. In fact, Chinese regulators accused Jack Ma’s company of using the ant group Ali Pay to lend millions of people, causing losses to small banks. The Ali Pay app is jack ma’s own.
Data from a billion people near Jack Ma’s App Ali Pay
More than a billion people use the Ali Pay app. Jack Ma has collected data on spending data, borrowing data and financial habits through this app.
Based on these inputs, the Ant group has given loans to 50 crore people. Ant Group has tied up for funding from 100 commercial banks.
Jack Ma was earning billions through loans
Chinese government agencies allege that Jack Ma used to provide loans to people through his Ali Pay app and earn commissions as intermediaries, while all the debts were attached to the banks.
Chinese regulators refuse to give data
Chinese agencies say that jack ma’s warre was a new one through this business model. But it had climbed so far in the eyes of Chinese power. China regulatory agencies asked him to eliminate Jack’s authority over the data, but Jack Ma refused to give it to the treasury.
Data denied then began confrontation
Jack Ma then started criticizing Chinese financial agencies. It raised the eyebrows of the Communist Party. The criticism was considered an attack on the Communist Party. At the same time, The Chinese autocratic government started cracking down on Jack Ma’s company.
In November last year, Jack Ma’s Ant Group’s $37 billion IPO was suspended. The Wall Street Journal claims that the order to cancel the IPO came directly from President Xi Jinping. Meanwhile, Jack Ma began to look away from public events and there were reports about the new year coming.