中國央行

CHINA PUSH TO CHALLENGE ALIBABA PAY PLATFORM

Alibaba is at risk of losing the dominant position of its electronic payment platform in its home market, as China's central bank pushes lenders to launch a joint rival platform to compete directly with its AliPay.

The development could weaken Alibaba, which runs the world's largest online trading platform for businesses, at a time when it is trying to expand internationally.

According to people close to the talks, the People's Bank of China has started working with Chinese banks to set up a platform that would help clear online payments between banks.

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