Trump administration explores restrictions on Chinese Alipay and WeChat payment platforms

Trump administration officials have stepped up behind-the-scenes talks in recent weeks about possibly restricting the expansion of Ant Group’s Alipay and Tencent Holdings Ltd.’s WeChat Pay over concerns that the digital-payment platforms threaten national security, Bloomberg News reported on Wednesday.

Apple Pay Octopus launches in Hong Kong
Apple Pay Octopus launched in Hong Kong earier this year

Lulu Yilun Chen and Jennifer Surane for Bloomberg:

The Trump administration’s potential restrictions on two Chinese payments giants would reverberate far beyond politics, potentially affecting multibillion-dollar deals, shaking up international commerce and even shaping the evolution of the global financial system.

If the administration proceeds, the most immediate hit would be to Ant Group’s plan for a stock listing in Shanghai and Hong Kong, a deal that could rank as the world’s largest initial public offering. Some international companies have been working with the payment apps and could see those strategies hurt or derailed. And while restrictions may ultimately head off potent competitors to U.S. and European banks, it could also — depending on how China responds — thwart their own planned expansion into the world’s second-largest economy.

For U.S. banks, the news comes with upsides and downsides. American bankers have long feared domestic consumers would one day embrace Chinese-style payment apps, which seamlessly allow people to shop, order takeout, pay bills and manage brokerage accounts using mobile phones. A variety of banks and technology companies have tried and failed to gain the kind of dominance allowing them to head off outside competition.

On the other hand, U.S. banks have been eyeing China as fertile ground for revenue growth.

MacDailyNews Take: As the report notes, the Trump administration’s guidelines for Tencent’s WeChat instant-messaging app may hint at to how the U.S. might handle payment platforms such as Alipay as the administration has allowed U.S. companies to continue working with WeChat outside of the U.S.

Note also, that in February 2019, Apple paired up with Jack Ma’s Ant Financial Services Group, the world’s largest financial-technology company, to give iPhone buyers in China an affordable purchase option: up to two years of interest-free financing via Alipay.

33 Comments

  1. Lots of money involved here. Billions upon billions of dollars.

    No wonder Goldman Sachs, the bankers, the CCP, and the like are lined up behind Sleepy Joe.

    The want things to go back to the way they were, with China running roughshod over the world, unimpeded, even aided, by feckless U.S. career politicians.

    1. All Trump has accomplished about all that is to be humiliated by North Korea, lose billions on business for our farmers, and have prices on many basic materials jacked up by 25% by our own manufacturers.

      Good job Trump!

      1. Are we are to believe that somebody advocating the beheading of a black woman isn’t a misogynistic male white sadist sitting in a basement with unresolved sexual feelings towards Donald Trump?

        1. Are we to believe that a “lawyer” who claims to be living in Texas doesn’t know or or is unable infer from a very simple, obvious image that the phrase “wiped the floor with” in being invoked, as in, “Vice President Pence wiped the floor with Kamala Harris,” but instead thinks it’s about beheading, etc.?

          Don’t be a moron, moron. We see right thru you.

          This is an example of advocating a beheading, fool:

          Hear from Black Republican women about why they support President Donald Trump

          Re-elect President Trump and Vice President Pence!

          1. Are we are to believe that somebody advocating the beheading of a black woman isn’t a misogynistic male white sadist sitting in a basement with unresolved sexual feelings towards Donald Trump?

            Awesome rebuttal to TxUser — BRAVO! 👏🏻

            He has a bad habit of misinterpretation from a PC liberal political position and then projecting false accusations and outcomes while pitifully trying to speak for everyone.

            He made the fatal mistake: “isn’t a misogynistic male white sadist” Obviously he has a serial problem repeating white male negative stereotypes and worse, falsely projecting them on to sincere posters like yourself.

            I read the informative article you posted and several important takeaways:

            “Being a Republican, I see things getting done,” Detroit resident Robin Barnes said. “I see the promises being kept.”

            “If you know Trump’s history, you know he has given to Blacks,” Edwards said. “He fought with Mar-a-Lago to make sure when he lived in Florida that Jews and Blacks would be allowed to golf there. If you look at his honest history, he does not have a history of racism.”

            “They said they believe Trump has championed a number of policies that have helped revitalize the Black community, including criminal justice reform, school choice legislation and a better economy for Black people.”

            The most important:

            “I need you to do what you say you’re going to do so I can live.”

            I doubt TxUseless has read the article, his head will explode as the Democrat voter plantation borders are now open under President Trump.

            That said, appreciate your honesty and stand up rebuttal spot on analysis. As a white male and not a basement sadist — I fully support @Black Women for Trump 2020!…👍🏻🇺🇸🦅👏🏻

            1. GoeB,
              I suspect YOU are the person behind black women for Trump…no self respecting black woman would vote for him.
              Have you looked at the pics of those lads that the FBI arrested a few days ago? That is the face of Trump supporters….you must be proud of them.

            2. “I suspect YOU are the person behind black women for Trump…”

              Hey Buster, how does it feel to go through life so stupid in false mud slinging politics, hmmm?

              “no self respecting black woman would vote for him.”

              Thank you for proving to the world by your own words what a RACIST you are and worried about the gates now open as Blacks flee the EMPTY control of the Democrat plantation.

              Black population is amazing and can think for themselves and make up their own minds and vote for the candidate of their choice! Black vote slave masters like you and Biden are history!…

        2. “a misogynistic male white sadist sitting in a basement with unresolved sexual feelings towards Donald Trump?”

          You need serious medical or psychological attention.

          Nuff said…

        1. All the fly comments coming from the party of science. They actual present the behavior of a fly as proof that Mike Pence is evil. The “scientific” belief is that flies have the ability to identify the moral character and indicate proof of policy and record.

          Can you imagine if the situation was reversed.

          Buster you are consistently the most ignorant and racist person on this board. You are like the foolish obnoxious mascot that no one likes. But your dog is really cute so maybe in real life you’re not that bad.

          Besides its not your fault that you are mentally challenged so we thank you for jumping in with your low resolution input. You are truly the ethoscope of enlightenment. You are the canary in the debate coal mine; a negative indicator of life and death.

          1. You are wrong, I rather liked the fly and am not racist against them at all. It sat there quietly letting Pence complete his 2 minutes and 3 seconds – without showing huge disrespect and continually interrupting him. Like your childish name calling and cowardness hiding behind a computer screen and not showing who you are, your blah blah above is rather hypocritical calling someone ignorant etc etc…
            If you believe I am an entomologist, then I have an obvious fact to point out to you. We all agree that flies are attracted to crap…and guess who this fly was attracted to???

            1. You don’t have to actually be racist to be called a racist.

              … In addition to poo, files are also attracted to sweets; files can actually eat nectar from flowers. So it’s scientifically inconclusive why the fly landed on Mike Pence’s head.

              But we do know 100 percent that flies avoid deadly chemicals like ethyl butylacetylaminopropionate.(DEET) (Democrats Evading Ever Topic) … so maybe the environmental conditions around Mike Pence’s head provided a safe space where the fly was able rest long enough, gather its strength and make its escape away from toxic sources in the studio ….

              The point is we don’t know why the fly landed on his head. Was it shit, honey or safety? Or maybe it was a random act or maybe the fly was attracted to the lighter luminance value of his hair color.? You provide no evidence.

              But we do know you reference the behavior of a fly as the bases of your political attack. And we know you have no scientific evidence to why specifically thus fly landed on Mile Pence’s head. So it seems your motives are in question. you seem to have a demeaning attitude against flies. You need to drop you insect bigotry and stop projecting your imagination into the causality of that flies behavior. It’s very unscientific. Maybe a better topic is why are you racist and hateful against flies. If Mike Pence is the source of all evil then what are saying about that fly. It seems you might be a little empathic since your can read the mind of a fly. Or maybe your self projecting hate to the helpless fly because you have the mind of a fly.

              … I’m joking ! Is that still allowed? But it’s kind childish to mention the fly … so I thought I could play the game too. And then this … did you hold the same hypothesis in 2016 or do you just now agree with the low resolution republicans.

            2. NO! You are wrong and being called out hiding behind a computer screen. @introducing Dr. Buster, the entomologists of political record just stole your bone and ate your lunch. Your disrespect for elevating a fly above the lifetime loyal political service of the honorable Vice President Pence proves how SMALL YOU ARE. After you crap in your master’s yard, crawl back in your dirty doghouse Buster…

    1. If Biden/Harris win the election get ready for full fledge outbreak of SOCIALISM. America will be changed and completely gone if the LEFTISTS DEMONCRATS take control of the whole Government and our daily LIVES!!!!! We will be in the same boat as VENEZUELA in time! It will take time before we if ever get SOCIALISM out of the USA……

    1. Hey, do me a favor and get your hopes up. Way, way up! You know, like to “Hillary Victory Party” levels. Rent out the Javits Center, too, while you’re at it. 🙂

    1. Hillary never led in polls beyond the margin of error. 2016 was always a tight race that could have gone either way. 2020 is completely different. Trump is down anywhere from 11 to 16 points which is well outside the margin of error. State by state polls are even worse for Trump. His approval ratings are the lowest among recent presidents at this point in their terms. Trump is going to be destroyed. Even if you believe in mail in ballot fraud (which is utter nonsense) there’s no amount of fraud that could cause Trump to lose this huge. Election fraud is really really hard to pull off and only works in very very tight races. 2020 is not that kind of race. It is already over for Trump and he knows it. In recent interviews just listen to the language coming out of Trump’s mouth. Phrases like “unless I win” and talking about Joe Biden as president. Trump knows he’s going to lose. Too bad you don’t.

      1. Imagine a world…..where Trump loses. If his head doesn’t explode, he will spend the rest of his days with people pointing a finger at hims and calling him the moniker he hates the most….LOSER. Shortly after that the IRS shows up at his office, with handcuffs, and takes him and most of his children away to jail (IRS= swamp cleaners). Finally in front of the female judge, he sees the line of abused women pointing a finger at him and he also gets four more years tacked on to his Tax evasion four more years.
        I love Karma…..
        Small wonder he is acting so irrationally these days….wouldn’t you. Also sleep well Lindsay and Mitch…life is over as you know it.
        I saved the best for last…imagine a world where we no longer read all the sycophantic crap in these discussion groups about the Dork-in-Chief but the likes of FT and GoeB. I won’t mention the others because they are not worth mentioning.

      1. GoeB,
        Are you saying that Trump supporters have to get their head out of their ass for Trump and Pence to be re-elected in 2020? That is surprising coming from you but then you are familiar with that position so I guess not……

Reader Feedback

This site uses Akismet to reduce spam. Learn how your comment data is processed.